@dpp @jgordon Same for portfolios: The state could tie these notes to the performance of a reference portfolio (perhaps age sensitive, to accommodate older savers’ greater bond preference). There’s a bit less risk of self-dealing with prices of buys/sells of public securities via regulated brokers. But people can do idiosyncratic things in their IRAs, for example, and that could create Springtime-for-Hitler-style temptations to milk. 3/