how about a summary of a currency with scarcity integrity before I go into detail.
1. pay off the national debt with a newly issued non-interest bearing Treasury Certificates (to replace FRNs) as it becomes due.
2. simultaneously raise the reserve ratio, so as to keep the money supply unchanged in this process.
At the end of this process, we will save several hundred billion in interest charges per year and have established a currency with scarcity integrity.
In the current obscene monetary system, banks are permitted to create money at will and lend it out, at interest. I favor money that no one is permitted to effortlessly create out of thin air. Virtually any reform that removes this special privilege from the monetary elite will benefit the vast majority of people. One possibility is a gold/commodity standard. I personally prefer a system whereby the quantity of money is fixed. That can be achieved, without adverse effect if every single "dollar" of existing purchasing power is represented by a treasury certificate (TC). The non-inflationary process by which I would implement this new system would be as follows:
1. As the national debt becomes due, issue non-interest bearing TCs rather than new interest bearing bonds. If nothing else were done, such an issuance would increase the money supply and banks would further create money on top of it. Therefore,
2. Gradually ratchet up the reserve ratio so the amount of contraction from this process exactly/approximately counteracts the increase in money from step 1.
Within some number of years, the entire national debt will have been replaced by TCs. All FRNs will have been retired and every single bank deposits will, ultimately, have a TC supporting it. The banking system would be a 100% reserve system and various other arrangements (money market funds, brokerages, venture capitalists, etc.) will be the businesses whereby money from bona fide suppliers of capital will be matched with bona fide demanders of capital.
And how is this for a side benefit: the entire national debt will have been paid off---saving us literally hundreds of billions of dollars annually in totally non-productive interest payments.