First, some whining about Siri. I take pleasure in being a Siri contrarian for some reason.
Next Scott Sumner links us to a paper on the old school banking systems of the late 19th century. Also here.
Never forget that the downside of switching to a banking system in which moral hazard isn’t insured by the government (a noble aim, surely) is one which costs a LOT more for customers. Say goodbye to free checking, for example.
It’s not just reckless ibank risk managers who have gotten something for nothing. You have, too.