Lew, it would indeed be far less deceptive if the Fed were to disappear. It would be a far greater constraint because the Congress would then have to pass explicit Acts to issue non-interest bearing notes as it did with the several issues of greenbacks in 1862. The Treasury has no authority simply to print non-interest bearing notes as a liability on the government. That is where the Fed and banks come in. They government avoids issuing currency directly and literally passes the buck for inflation.