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OK;
+ that's stretch to call coin ''print'' even though they do.
And the Headline ''Some Has to Pay for Student Loan Forgiveness'' Not really; SCOTUS can easy smack down that nonsense.
EVEN NPR did a news deal on Perdue U, priced under $10,000+ has been past 10 years.
Or if Headline is right, after NOV elections ;
the IRS agents[armed] may rule as they have in past /debt forgiveness = income + the borrower[slave to lender] now owes tax on it.
Congress makes the rules. The IRS enforces them to the best of their ability -- are we asking too much of the IRS considering the tax code we are asking them to enforce is 72,000 pages long? If Congress does not want forgiven student loans to be treated as income, after all much did not end in the students' hands but in the hands of some educational institution, Congress will instruct the IRS on how they would like the forgiven portion of loans to be treated.
"Printing", should, in my opinion, just refer to the spending of newly created money into the private sector economy. In that sense, only the Congress has the constitutional power to "print"new money. The Treasury accommodates the Congress in "printing" whenever it spends in deficit according to Congress's will. The Central Bank accommodates the Congress when it covers net Treasury overdrafts. So I suppose it isn't entirely wrong to say that the Treasury or the Central bank "print." It is certainly misleading, however, because neither the Treasury nor the Central Bank has any say whatsoever over how much shall be printed...
In my opinion, it is also misleading to call QE "printing," even though it's commonly done -- even Central Bankers have on occasion referred to QE as printing!. QE increases bank reserve accounts in exchange for bonds. Bonds move to the governments side of the ledger, and Bank reserves are increased accordingly on the private sector side. (It is critical that one recognize that both Treasury bonds and Bank Reserves are forms of money and they are interchangeable!*)
The idea behind QE is to increase bank reserves and accordingly force down both wholesale and retail lending rates. If there is sufficient demand for new loans, an increase in the private sector money supply, via fractional reserve banking, should result. In reality, the controlling step tends to be demand. In a recession, unfortunately, small incremental decreases in interest rates tend to be quite ineffective in getting a private sector in the process of paying down debt to reverse course and begin to borrow more! Without additional borrowing their is no increase in the money supply. Would we say then that it is the borrowers who are "printing"? I hardly think so.
The bottom line is that the real power to affect the private sector money supply rests with Congress and the fiscal measures it can take, if so inclined. Only Congress can actually "Print." That's what the framers of the Constitution intended, and that's the way it is.
It would be nice, however, if Congress would actually function as intended. Sadly, the Framers failed to anticipate that Senators would one day simply thumb their noses at the Constitution and adopt rules that would allow any one Senator to inactivate the Senate and thereby make fulfilling some of its Constitutionally required duties impossible.
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*Treasury Bonds, Bank Reserves, Bank Notes and Coin are all inter-convertible forms of U.S. Money. All bear only one risk, that of inflation! This risk is somewhat muted in the case of Treasury bonds in that they are an interest paying form of money, thus for longer term storage of money, the bond form is preferred.
