[CobaltBlue]

The argument being raised here seems to be to bypass central banks, maybe go to free banking.

I don't know a lot about free banking, so I can't comment, but I will read up on it.

[Pelham]

Look for Selgin's Theory of Free Banking, you'll enjoy it. He believes a Free Banking regime would operate very much like the monetary system we have today.

Incidentally, the Real Bills doctrine is dangerously pro-cyclical, encouraging banks to create more and more credit as booms go along. It's one reason the Fed restricts its purchases to Treasury paper, except in rare circumstances when it needs to inject liquidity into the banking system.