Subject: Be afraid. Be very afraid.
Paul Krugman has an interview with a "Nathan Tankus — an independent expert on the financial “plumbing” at the Federal Reserve and the Treasury Department." The first part of the interview is spent going over Tankus' background and bona fides. It is the last 2/3s of the interview that is where the meat is.
https://paulkrugman.substack.c...

If you don't want to read the entire post, search for this and read on.
Krugman: Okay. You were doing the Fed back then, but Treasury also has a part. Obviously, there's a lot of plumbing involved. If the Secretary of the Treasury says issue checks to a bunch of people and Treasury Secretary says ‘make it so,’ what I hadn't realized was there is basically an agency, an office, there's a particular relatively small unit in Treasury that makes that happen. What's that? A bureau. The bureau of the treasury, which is actually kind of what for normal, inaccurate language, kind of cuts the checks, right? Is that a fair description?

Tankus: Absolutely. That's a fair description, Paul.