I am going to try and maybe help some of your readers who might not understand but they probably will not get to the responses section.

One form of monetizing the public debt is the central bank funding public borrowing directly (the Fed could just buy the Treasuries when they are originally sold), meaning the government dones not need to worry about finding a buyer for their debt and does not worry about interest rates (the Fed could buy the treasuries at a nominal rate). Expansionary fiscal policy will have less concern about future interest liability than spending priorities. Such direct funding of government spending is what advocates of Modern Monetary Theory (MMT) desire. MMT actually says you can skip the borrowing or taxing steps entirely.

The Fed is maintaining a fig leaf of not Monetizing by carrying the Treasuries on their balance sheet, collecting the interest and refunding it to the Treasury. If they are not going to sell those Treasuries back to the open market they should give up the fig leaf and just write off those Treasuries just like other investors/banks write off bad loans.

I guess if the Fed tapers to zero then its balance sheet would decline as bonds mature but I doubt they would let that happen and what do they consider zero anyway. I imagine they will always be buying and selling, creating and destroying reserves.

TEK