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REWORKED PAPER 6 -- FULL-RESERVE BANKING: quantitative results
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[R1] COMPLETE MONETARY CONTROL
  inside-money share of the money stock:  today ~0.80  |  CS full-reserve 0.00
  -> M_T = M_o exactly; throttle sets M_o directly; no offset, no saturation.
  determinacy root theta = 1+(1+phi)/alpha = 3.00 > 1 (applies to M_o directly)

[R2] TRANSACTION AGGREGATE ENTIRELY SOVEREIGN
  today: ~$18.0T of $22.4T money stock is a private bank liability (inside money)
  CS:    transaction money is 100% sovereign reserves; term deposits are
         investment claims (not money); the locked floor is equity (not a deposit).

[R3] CREDIT SUPPLY UNDER FULL RESERVE
  (a) term-deposit pool at launch ~ 60% x M2 = $13.4T
      leverage cap 4:1 -> equity $4.5T, bank credit capacity $17.9T
  (b) full-reserve conversion removes bank money creation (one-time contraction).
      sovereign offset: TLF 12%-38% + KT 41%-59% = 53%-97% of credit-at-risk;
      residual absorbed by the conditional KI_T damper -> coverage approaches full.
  (c) loanable-funds frontier under a 30% term-deposit shortfall (bank credit $17.9T):
      hold rate  -> sovereign offset 30%, rate premium 0.0pp, credit $17.9T
      let clear  -> sovereign offset 0%, rate premium 6.4pp, credit $13.3T
      saving's near-zero rate elasticity makes the price route a crunch; the citizen-channel
      offset (TLF/KT/KI_T) and the countercyclical 3:1/5:1 leverage rule are the design's answer.

[R4] PAYMENT-CREDIT SEPARATION AND RUN-PROOFNESS
  max systemic money contraction: 1930-33 ~all deposits runnable; CS bounded by term share ~60% of launch M2
  transaction accounts (~40%) are 100% reserved -> cannot be run;
  term deposits are explicit at-risk term claims -> not demandable, no Diamond-Dybvig run;
  the dominant asset (locked floor) is equity, not a deposit -> outside the run technology.

[R5] NEAR-MONEY / BOUNDARY PROBLEM
  if 5% of term deposits circulate as near-money ($0.7T): 7% of transaction money -- throttle offsets it IF observable
  if 10% of term deposits circulate as near-money ($1.3T): 13% of transaction money -- throttle offsets it IF observable
  if 20% of term deposits circulate as near-money ($2.7T): 23% of transaction money -- throttle offsets it IF observable
  honest claim (Paper 1 sec.17.3): full reserve raises cost+visibility of near-money,
  does not abolish it; observability is the falsifiable condition, not a guarantee.

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All figures are illustrative calibrations on verified anchors, not forecasts.
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[figures saved: paper6_figures.png]
