The great misconception

Making debt identical to loan masks the separation of currency risk and price variation. Selgin clued me on currency risk, it has to be a separate account. I had a second cousin clue me in, what happens to empty space (arbitrage moments). The answer, it is queued, priced and no longer empty.

So,  running a cash in advance market with a market maker captures market making cost, and that can be separated between price variation and currency error. That cash in advance market must be tuned to the monetary domain of real goods, and real holograms need tuning in the same way. Timing requires a representative sample, meaning the  branch and root structures must converge in stable queues through the trunk, the hologram effect in reverse.

Apply this, ex-post, to the FDR and Nixon regime changes. In a price neutral productivity gaining system, there would be currency banker losses. Productive groups would gain Fed accounts and snooker the Fed by returning more money back sooner than expected. In the context of price neutrality, Milt's axiom of regular release is met, via losses, done fairly on a congestion priced basis.

That leads to the obvious, we are at a Nixon moment, why not just do a better version.  Price past inflation, permanently, with a contracted bond default, get it out of the way, and do a better deal going forward.

The referee is offering partial points for the can kick, we done good.  Take the offer to buy out the options, and kick anew.

Adding congestion pricing makes quarks

The new banking regime quantizes the side lobes. The reason, this is still central banking, a three dimensional tree trunk with generational default. The source of currency losses is past due debt, implicit bankruptcy of some government programs.

It is a requant, more than a requant it is an official move to a three color. An acknowledgement of monopoly tax money. But that is OK, the Fed can create an implicit loss account and capture the potential energy of default, then manage a triple entry account system with a default risk queue. We are not that far off the Euler path, take the referee's deal, now is our Nixon moment.