spot on, but a couple of comments:
1. Milton Friedman preached stable monetary growth, not helicopters. He used the analogy to help us understand money.
2. Given the size of the Fed's balance sheet, we could eliminate fractional banking.
3. Fed policy will shift from price (interest rates) to quantity (reserve requirements)
4. Unfortunately, the future is dim because to support QE we have borrowed today economic growth that would have accrued to future years.