David Kotok sits around and thinks about the implications of central banking and government policy as much as anyone and has been doing so for decades. He also talks with inner-circle types all over the world. I enjoy spending time with David and reading his work, and this piece is one of his better ones. He is pointing out some of the unintended consequences of changing how we think about bank depositors. Tonight I will be with Jim Bianco, who I know thinks about this item a lot as well, and I'll see if I can get him to share some of his recent work with us.