If a banking collapse is intolerable (if banks are too big to fail) then we must monetise the deposits (and subsequently have free banking) otherwise the problem will continue... which leads to inflationary communism. If we do not monetise the deposits (and then let banks fail) we either suffer a traditional banking collapse or communism.
The solution to the banking crisis (if we cannot have an outright collapse) is to monetise the deposits and then let banks fail.
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