@bgawalt however nice the app, your private bank extracts a subsidy and imposes dangers the public should not tolerate. if we make deposits public, as we should, perhaps your bank can still provide the UI and administer them. (lots of proposals look like that!) so, enjoy the app. but your bank should have no actual access to the funds represented by your deposits. and that should not be optional.

@bgawalt 2008 was odd because they contorted themselves to save even shareholders of the big banks. but the bailouts were motivated by institutional private money-like assets, which have been much more strictly regulated since, and should (like private deposits) be regulated away. there must be private risk assets, and public credit-risk-free assets. any hybrid only exists because the private sector is extracting a subsidy from the public sector.