Jon, we don't need banks to publish evidence of our promissory obligations. We now have the technology to do it ourselves.

Why would someone not be able to pay back their obligation? As long as they can work, they can repay. When their is no interest on the debt, we pay 1x the value of the good we are purchasing, not 3x - 5x. We can repay the "debt" with equal production, not 3x - 5x production like we do in the system now.

MPE is the solution! Here is an excerpt from the website:

www.perfecteconomy.com
THE NATURE OF "MONEY"

Nonetheless, the one just nature of money is elementary.

When someone builds a home for us and we do not already have the money to pay, the builder may accept our promise to pay ("note").

Given integrity to this useful arrangement, the assumption of such debts permits every such producer to prosper immediately and to the full extent of their capacities, even as their production may ultimately be bought and consumed even long after their own lifespan.

The same assumption of debt further permits consumers to benefit to their full capacities. So long as debtors pay as they consume of the related property, they do not receive anything for nothing; and only if they do exactly so; and only if their debts are not subject to exploitation by extrinsic, intervening parties, is it possible to solve inflation and deflation, multiplication of debt by interest, and systemic (undesirable) manipulation of the cost or value of money or property.

Why?

The answers are simple:

To solve inflation and deflation, we must maintain a circulation which is always equal to the remaining value of represented wealth. Thus with the original principal being loaned into circulation, the only solution to inflation and deflation is to pay off a resultant monetary obligation equal to the original principal, at the rate of depreciation or consumption.

If our debts to each other are subject to exploitation by extrinsic, intervening parties, we cannot maintain a circulation which is always equal to the remaining value of represented wealth, because the exploitation itself requires us to pay more than the original value of the property out of circulation.

Because a monetary system only has the potential powers to manipulate the cost or value of money or property through inflation, deflation, and/or multiplication of debt by interest, systemic manipulation of the cost or value of money or property therefore is solved only by integration of solutions for inflation and deflation, and multiplication of debt by interest.

Multiplication of debt by interest is solved only by eradicating interest.

Thus by abiding by only the few relevant, incontrovertible principles, we have a singular prescription for true economy in which the value of money is preserved perpetually, in all cases, by maintaining a constant 1:1 relationship between the circulation and remaining value of the represented wealth. Only by this one explicit cycle of circulation does the value of the circulation always equal the remaining value of the wealth. Only by this one explicit cycle of circulation is all the circulation at all times redeemable in exactly the wealth it is intended to represent. Only by this one explicit cycle of circulation do we pay for each other's production with an equal measure of our own. Only by this one explicit cycle of circulation are further "monetary standards" or "reserves" wholly redundant, even as those purported monetary standards or reserves are wholly incapable of protecting us from inflation and deflation, systemic manipulation of the cost or value of money or property, and inherent, terminal multiplication of debt by interest.

Only by eradicating the combined evils of the present exploitation in fact then, can we sustain all naturally possible prosperity, without redundant, extrinsic cost even in one single case — and thus, only so do we achieve true economy in every case, without inflation or deflation; without systemic manipulation of the cost or value of money or property; and without fatal, irreversible multiplication of debt by interest.

And so — as opposed to the present exploitation, and in understanding the present magnitude of escalating, terminal oppression — we would universally understand that under mathematically perfected economy™ instead, in the case of a $100,000 home with a 100-year lifespan, we would pay for the home at the overall rate of $1,000 per year, or $83.33 per month, simply for eliminating exploitation and its accompanying irregularities from an imposed, falsified, and purposely destructive equation.

This incumbent understanding of course would leave little question how much further we would prosper in all related ways under mathematically perfected economy™.