The writer is an FT contributing editor
The US Mint is a factory. It buys metal, stamps it into coins, then sells those coins to the Federal Reserve at face value. The mint’s profit is called “seigniorage.” It goes to the person known in Middle English as the seigneur — the person in charge. Think of Janet Yellen as America’s seigneur.
When Congress runs a deficit, it is instructing the Treasury Department to produce new dollars. As secretary, she has to figure out how.
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