I think that in order to sell a lot of national debt, the United States must make bonds more attractive than bank deposits, so that these bonds can be bought smoothly by everyone. As for this face value, it is determined by the interest rate of this bond. I think if the face value drops, it will be good for the banking industry, so that the crowding-out effect of bonds on bank deposits will be relatively small. If the coupon rate does not drop, but it is very high, then everyone will buy bonds, bank deposits will be greatly reduced, and banks will not be able to lend if they have no money. At this time, the loan interest rate will rise instead. I wonder how this expert came to this conclusion. Welcome to discuss!