The Fed runs a Ponzi scheme destined for ultimate collapse. Each deficit spending Treasury security creates a (national) debt of the face value of the principal amount. The 'obligation' requires repayment of the principal PLUS the interest. The interest is never created; the agreement is impossible to culminate. A contract that cannot be culminated is an act of fraud and is void upon its inception. But that overlooks the ultimate truth that the value of the T security is embezzled by the (unknown) owners of the BOG (Wall Street). Ref. https://ppjg.me/2017/11/09/fiscal-bliss-ignorance-is-bliss.