I don't have strong feelings on your question. I would prefer to live in a country where individuals could save via CD-like instruments and earn a reasonable r

I don't have strong feelings on your question. I would prefer to live in a country where individuals could save via CD-like instruments and earn a reasonable return, because I think it would better express the time preferences of society as a whole, rather than a centralized political entity, but its certainly not something I would force everyone to live under. My core point is that we should not allow the introduction of multiple claims on monetary units at a given point of time. This is simply fraud, even though it requires a bit of thinking (and un-thinking, if you have an econ background) to realize it. Intentional duration mismatch is fraud, and is no way to run a banking system.