What the article alludes to is that while the demand to spend money is relatively liquid because it is linked to the whole economy, the demand to hold it, loan

What the article alludes to is that while the demand to spend money is relatively liquid because it is linked to the whole economy, the demand to hold it, loan it, or commit to prices over time are a speculative bet on how it will be issued. And because it is speculative, it can move disproportionate to the economic size of the actions involved. Right now the speculators' trust is rooted in the apparent independence of Fed from Treasury. If the US were to seek trust to self-manage from Treasury alone, how would it earn or argue for that trust from the community of speculators?