A price neutral monetary regime

My proposal.

Congress sells the Fed to the public for 10 Trillion in government debt relief. The sales price is paid over a ten to fifteen year period by having the new fed buy government debt and burn it.

The new fed is managed by a spreadsheet which sets the savings and lending rates. The Fed staff is paid with printed cash. No member bank owns any part of the spreadsheet, but the spreadsheet functions are open source. No dividends are paid, no money remitted to anyone, the central bank simply pays the staff and runs the lending and deposit portfolios, automatically, via spreadsheet.

That leaves only the human function of selecting and qualifying member banks, and securing the PC on which the spreadsheet runs.

Simple plan, DC walks away and gets a 10 T debt relief. The public gets efficient price neutral money. And the Republicans are no longer blamed for being a bunch of deficit loving communist Yahoos.

Why not? Just buy Congress out permanently. The spreadsheet will be banker bot, the no arbitrage currency banker.  We can have member banks come and go as long as the Fed staff can pick quality members. Congress is damn near broke, they won;t last another recession anyway.

And, to top it all off, we have Obama, the  president who reduces deficits faster than any other post war president. Obama knows this stuff, as does the debt cartel.  This is a good deal, a sensible deal.