LOL re: falling asleep reading the Japanese tax code. :-)

FYI, the fractional reserve rate is at zero right now, so technically we've departed the fractional reserve station.

But you're still missing my concern, Michael. Banks sell bonds to the govt at near-nil interest and use that money to bid up asset prices. This is myth money. In the link I sent, I quote the Fed where they literally say that private banks create most of the money in society. Banks have created hundreds of trillions in debt that isn't and has never been real people's money. It's a pure lie.

Your concern is that democratizing the banks will hurt extractive shareholders. I'm saying it's moot, but more importantly, that democracy, human freedom, and avoiding serfdom takes precedent. (And there are other ways to support old people in legit need besides exploiting others for usury.)

Read Killing the Host by economist Michael Hudson, I think you'll love it.