Is it safer, I think clearly yes. How would you do it when banks are already leveraged they way they are though. You could force banks over time to reduce their leverage to 0, but that sounds like a major depression. People would probably vote hands down for replacing their bank debt with newly printed free money from a Central Bank. Everybody gets a "Get out of Debt Jail Free Card". The disappearance of debt would have to be inflationary, wouldn't it? If it was at all possible, it would be time to borrow to the max.