Great discussion Martin. Very useful observations. I keep telling folks that think Biden can run on the economy, that the other shoe is about to fall. He will get the blame, even if it begins and ends with the Fed, and their preoccupation with the Phillips Curve, and other bullshit. But you still imply that the Fed is the government. My recent polemical missive might interest you. https://daneke.medium.com/when-the-wank-became-swank-money-banking-and-the-evolution-of-the-all-debt-economy-22e334f8ee3e