be pretty good: 1) Give everyone access to an account at the CB 2) Get rid of physical currency 3) Revoke deposit insurance. This will get the banks out of money. 4) Back money with a representative portfolio of liquid capital assets (not repo!) The money is a claim on the portfolio and can be redeemed for a share of the underlying assets. Capital assets are the new gold. 5) As required, split the units of money - a purely nominal solution for a nominal problem. This system comes with a bunch of benefits: 1) Since money *is* capital assets you can't flee risk by holding money. You can invest or you can spend. But you can't *save*. So if the Market Monetarists (or at least Nick) are right that money is the root of all recessions, then we can't have any more recessions. 2) Should we still have AD problems due eg. to nominal rigidities, we can trivially change the quantity of the unit of account (with no impact on the value of the outstanding medium of exchange) by just splitting or reverse splitting the money (pay interest). And since there is no physical currency we are free to expand or contract the quantity of units of account and so we totally escape the ZLB. 3) since we no longer depend on banks for our money and most people will just keep their deposits safely at the CB, banks will raise capital in the free market like everyone else.