@ryanlcooper @Alon in what gets termed the “disintermediation” debate, there are always these horrified what ifs. if retail depositors run to the Fed, where will the finance for bank credit come from? should we really disrupt this centuries old system that sometimes has supercharged development? if banks aren’t flush with reserves, where will be the liquidity backstop for institutions accustomed to cheap finance at will against their bonds? 4/