The Economist neglected lending accounts

The Economist has an article that discusses the possibility of allowing ordinary people to have checking accounts at central banks.

And Scott Sumner discusses the issue.  

The central banks, any currency banker, opens both lending and deposit accounts. Having any accounts at the currency banker means keeping  a loan to deposit ratio.  Pricing only works well when the loan/deposit ratios are adjusted by the currency banker. Central banks that consider only government  lending will suffer periodic crashes as we notice.  

The open market operations consist  of matching loans to deposits, there is very little risk to the currency banker, risk is marked to lenders and depositors.

We can do central banking in the traditional sense of giving priority  to government funding needs but we match deposits, loans and seigniorage, a three way trade. Government shares the risk in that they can still cause crashes.

So, if you want a central bank, you can borrow or  lend, but you bear the risk of government crashes. This system is closed and complete be we cannot hide  money losing government programs.