We need the Federal Reserve System. It is the most efficient system for creating a National currency. My position is that the Fed needs to be an institution of Government. All control by Corporate Banking needs to be removed. All reserves deposited there by Corporate Banks need to be paid back and we need to stop paying them interest. The Creation of Money belong in the hands of Government alone.
If Banks wish to loan money that does not belong to Depositors or Stock holders, they should have to borrow it from the Federal Reserve System and pay a reasonable interest rate. The people need to profit from the creation of money, not the Bankers. The people need to control both money supply and interest rates and earn money when they provide it to the private economy.
The Treasure Department should create no interest bearing bonds except to Trusts Funds like Social Security, Medicare, and other long tern funding projects. They should also sell a limited number of Bonds that are protected from inflation to aid the Private retirement funds not to exceed something like $10 million or so for any individual
If Sovereign Currency Funds need a place to hold their surplus dollars they should be allowed to deposit them in the Federal Reserve System at no interest. Otherwise they can loan them to others who want to buy some Goods & Services that are made in America. We have never needed to borrow money from others. We have always done it as service to help foreign trade and exchange Banks and give a safe place for the Wealthy to protect their surplus and make money from the People.. We are the World Bank.