The Inherent Presentism of Monetary Policy

What the hell is a 30 year bond? My colleague Nathan said, hey, if you can pledge a 30year bond at the discount window with no haircut, what's its maturity? 30 years or one hour? And I think that's actually a very fundamental question. We're just moving the yield curve around on all of the government liabilities. It wouldn't change anything about 10 years from the future. It would just change that rate every day. But over time, what we are saying today has nothing to do with what’s actually going to happen in 30 years. So when you let them hold some sort of safe asset, that means you are not letting them incur duration and maturity