@bgawalt So you need to insist on a public monopoly on money-like securities. Privately-issued securities need to be explicitly at-risk with routine price fluctuations and/or restricted in liquidity (e.g. two-day notice for redemption). Strong norms have to be set that the only safe securities are Federal securities. Regulators have to clamp down hard whenever private firms try to entice cheap financing by pretending you're not risk investing, just depositing. 5/