Go to: https://fiscaldata.treasury.gov/datasets/daily-treasury-statement/public-debt-transactions
and look up the lines: Issues Nonmarketable Government Account Series and: Redemptions and Nonmarketable Government Account Series
The numbers are similar every day. For 8/27/20, there were $414.07 billion issued and $414.24 redeemed. For some reason, the Treasury issues and redeems about $400 billion of non-marketable debt every day. That explains the $100 trillion+ of churn every year.
But why do they do this? A one-day Treasury bill is just as good as cash. So this is effectively an internal currency. But still very mysterious. Why wouldn't they use at least 7-day bills? The things to look for would be sudden changes and if this increases over time.
And indeed it is increasing over time, but not by much. On 8/27/19, as a comparison, there was 380.5 issued and 373.8 of redeemed of Government Account Series.
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