Mish, you’re missing the underlying problem which is how is money created in the first place and what is the enforcing MONOPOLY conceptual/paradigmatic reality in that creation (Debt Only) that broken up would benefit ALL economic agents and resolve myriad problems economic and otherwise.

Answer: The new paradigm of Strategic Monetary Gifting.

And no this would not be socialism, but rather the rejuvenation of profit-making economic systems that would enable the libertarian goals of beneficial deflation, huge tax cuts and the safe progression of AI. Historically new paradigms have always destroyed old orthodoxies and created new beneficial realities. Please don’t scoff, look at the realities that the most temporal universe reality anchoring discipline humanity has ever invented, double entry bookkeeping, could do for every economic agent.

If the Roman Catholic church did not have the right to wield their monopoly paradigm of Salvation Via Roman Catholic Sacraments ONLY, then private banking does not have the right to wield their present monopoly paradigm for the creation and distribution of virtually all new money…either. To justify such would be libertarian free market heresy.