Virtual Electronic Banks The basic idea of a bank is to first accept deposits from customers and then use those deposits as a basis for extending credit. The catch is that, instead of actually giving away their customers deposits, banks merely duplicate the money and back the duplicate dollars with the original deposit dollars. My idea is to allow consumers to do the same thing on their own. Private individuals could open virtual electronic banks directly with the Fed. These virtual banks would be purely electronic and entirely managed by the Fed. Individuals would not have any access to or...