It seems that the $500 billion $700 billion $1 trillion however many gazillions of dollars that the executive (His Imperial Highness the Potus, who sitteth in Washington) is setting aside creating out of thin air to “rescue” big finance (with no small amount of groveling “let us hold the door for you” from Congress) are based solely on Treasury Notes. Has anyone considered:

• The implications of the federal government owning so much paper, including bad mortgages, and what happens when the feds come to collect should they do so? Or will home foreclosures suddenly become “patriotic” and “necessary”?
• What happens if no one wants to buy Treasury Bills anymore, if they become as worthless as mortgage backed securities issued by entities without armies and law to back up their claims? “Full faith and credit” cannot merely be willed into existence, no matter how much the neocons and Republican fans of central banking (which is most Republicans) believe it can be? Who then will bail out the United States government?
• Does anyone really want the government this connected to “the financial sector?” (It was already far too connected, as big finance/investment banking has always been a creature of the state.) This was the most logical objection to Bush’s so-called Social Security “privatization,” that it would simply make the state the country’s biggest shareholder, and thus increase the incentives (already legion) to create and sustain fraudulent, inflation-driven “economic growth”?
• How does the US federal gummint pay for all these wars, all this domestic welfare, subsidize everything good and wonderful in its sight, and bail out investment banking and insurance firms at the same time? Or does this question simply not matter anymore?
• And has anyone considered the very real inflationary effects of adding gazillions more meaningless dollars to the U.S. economy?

Sorry, I’m just wondering. Guess we’re gonna find out the answers to these questions and more in the months and years to come.