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Every Treasury official, Whitehall economist, Commons committee and thinktank have given it thumbs-down for value.
Before World War I, it had to authorize each and every Treasury bond issue and its precise terms.
He said every Treasury security whose yield was below the 6.5percentt federal funds rate was vulnerable.
But the yearly trustees report does list every Treasury bond held in physical form for the trust fund (at the Bureau of Public Debt), showing market rates of interest and maturity dates.
The perception at least is that our country requires the dollar as a reserve currency, requires New York City as a major banking center with major banks, and requires fully credible governmental guarantees behind every Treasury auction and requires liquid financial markets more generally.
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