@bgawalt You might *start* with a "public option" as an incremental strategy to move to the new system (though frankly it'd be better just to convert all deposits into Fed liabilities and have the Fed replace all prior deposits with its own loans, which it would wind back over time). But if you let private firms issue things that duck-type as money, and let them entice customers with good rates, you've fixed nothing. You'll have uninsured products you can't credibly not bail out. /fin