[pbak]

I'd ask "whose oversight is avoided ?", and "whose isn't ?". You are supposing the Fed's deciding committees are acting fully independently (wittingly or not) within their mandate. AFAIK the process isn't exactly transparent, even ex post facto.

Similarly, we've seen last 12 years there's more than one way to skin a cat - issue "money" at the fed level - than just printing. They invented at least 3 mechanisms since.

That being said, it's not entire clear to me how current tokens/coins solve that conundrum without losing some major desirable/necessary "macro" features and flexibility.