In my above reply, I meant to agree with the following statement:
RP: (continuing) It can’t print Fed notes; it can only print bonds.
Fed can only print notes to exchange for bonds/debts. But they cannot make the debt go away unless they can send a big sum of dollar bills (like 1 million?) to most of those in debt. Giving dollar bills to creditor in exchange of the bond/mortage does not make the debt go away.
