Matt Levine at Bloomberg had a great writeup on this recently. (His “Money stuff” newsletter is fantastic.) Basically: if you were to start from scratch today

Matt Levine at Bloomberg had a great writeup on this recently. (His “Money stuff” newsletter is fantastic.) Basically: if you were to start from scratch today and build a banking system, you probably wouldn’t build exactly the one we have. On the other hand, given that we do have this one, it may be worse to pull the rug out from existing banks by providing a Fed alternative.