Indeed, the Fed, unlike the ECB, does not buy any bonds from individual states; investors must bear the costs of any state insolvency. In 1975, New York had to pledge its future tax revenues to its creditors in order to remain solvent.
事实上，与欧洲央行不同，美联储不购买任何来自个体州的债券；投资者必须承担任何一州无力偿债的成本。1975年，纽约州不得不将未来税收收入抵押给债权人以维持偿债能力。