Thanks to Roger Sandilands for "schooling" me on how banks would earn income
under 100% reserves - charge for clearing checks. And citing works by Ronnie
Phillips and Lauchlin Currie.

It seems to me this plan would solve one problem but exacerbate another. It
keeps land bubbles from inflating d.d.s, good. It keeps a more sober Fed and
U.S. President in charge of the Q of M. However, now and then we get a pair
like Greenspan and G.W. Bush, misled by Ayn Rand and economists in her image
like, well, you-know-who and what's-his-name, who want to spend more and tax
less, and poof goes the system.

Mason Gaffney