The Fed versus the Narrow Bank

But in reality you get the reverse, as what the Fed is doing is basically paying bankers. If people could park money at the Fed the way they put cash in a vault, they'd probably pay a fee for the privilege!

They are essentially substitute for banknotes, people have the right to have established a separation between transactional services and investing.

People right now are de-facto investing in the loan portfolio of their commercial banks