While 'the Fed is forbidden by law to purchase government securities directly from the government', those laws are determined by governments. If the laws introduce unnecessary convolutions and redundancies and/or advantage special interests they can be changed.
During the 16th century religious demands for reform of the Roman Church changed into demands for independence and for the removal of Church authority. By the 17th century there was a strong belief amongst Protestants, property holders and business people that 'responsible' people, primarily those who belonged to the educated and business communities, should be freed from state and Church interference. They should be able to 'develop' themselves, both spiritually and materially, unhindered by state and Church bureaucratic demands.
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"Both Dr Bradshaw and Dr Phelps explain 'still' as 'always,' Dr Phelps adds 'as commonly in Shakespeare.' I question this explanation, which is only encouraged by the absence of the comma, and I cannot agree with Dr Phelps that Gray was particular about his punctuation; from my experience of his otherwise most carefully written MSS., I should say that he sometimes errs by excess and sometimes by defect in this. It is surely more natural to suppose that he means 'though they have no stately tombs, and though their lives were most obscure, there remains some frail memorial of them still, in the gravestones around, to plead that they may not be quite forgotten.' Is it true that every grave in a country churchyard has had its stone and its inscription at some time or other?"
Essay on Teen Curfews Don't Lower Crime Rates
He explained how attempts to desegregate schooling in the American south could be frustrated by setting up a network of state-sponsored private schools. It was he who first proposed privatising universities, and imposing full tuition fees on students: his original purpose was to crush student activism. He urged privatisation of social security and many other functions of the state. He sought to break the links between people and government, and demolish trust in public institutions. He aimed, in short, to save capitalism from democracy.
(George Monbiot, , The Guardian, Australian Edition, US politics, Opinion, 19 July, 2017)
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So, second, here is another totally general statement to complement the first. The worst-case scenario for a nation, irrespective of its government's currency-issuing capacity, is defined by the real resources that such a nation can access.
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We must find new lands from which we can easily obtain raw materials and at the same time exploit the cheap slave labor that is available from the natives of the colonies. The colonies would also provide a dumping ground for the surplus goods produced in our factories.