Jim, you figured this out ten years ago

Tools of monetary policy

Jim Hamilton discusses corridor banking. 

Why does this discussion continue for ten years? It continues for the same reason I was hesitant to do triple entry accounting, I didn't want to deal with 'right to coin'.  Nor does any other economist, and with right to coin we are stuck with a tree way trade, a two dimensional corridor.

We cannot break the issue into a network of corridor trades, the right to coin cannot be isolated except with a long term agreement with Congress, one lucrative enough they Congress will allow corridor banking to move forward.

I know the math.  All of these banking theorists, Selgin, Hamilton, and the rest are stuck on 'right to coin' and that leads to the necessity of momentary MMT.  

The debates are over as noticed by everyone repeating the same mantra from ten years ago. We will do corridor banking, but first we have a very expensive long term contract with Congress that needs move forward.