First, thanks for an interesting and informative article. It kind of slid from QE to banking as a business, but I thought the author might find interesting an idea for a permanent (non-credit) QE that I have developed.

The purposes to which the income would be put can vary, but I envision it being used to provide a guaranteed minimum income for citizens and to fund public spending (for all government, at the current per capita rate of total government spending). Unlike QE as we know it, there would be a mechanism to 'close the monetary loop'.