First, thanks for an informative article.

As it happens, I have developed an alternative solution. Money (as currency) would be created without debt. It would be used to pay an income to eligible citizens. (Any adult citizen would be able to become eligible for it.) The same process could also be used to fund government, instead of taxes/public debt. Sustainability would be increased because output would be governed by demographics. It can be thought of as a kind of "Permanent 'Quantitative Easing'," but with built-in protections against inflation. The private banking system would continue to operate as at present, but the central bank would no longer be the lender of last resort to the central government and would no longer be co-manger of the economy with the central government: the economy would be fully self-regulating.