However, isn’t there a countervailing risk of being too cavalier about how this system would need to be policed? Great rigour would be required, I suggest. The threats are of two kinds:- outright fraud, and guile (short of fraud) – and the first is (with sufficient forethought) probably easier to deal with than the second.

History demonstrates that the capacity of human ingenuity to circumvent mere “accounting rules” is (literally) boundless and also – even worse – that regulatory mechanisms (indeed all human institutions) have an inherent tendency to become corrupted over time as vested interests continually probe for and exploit weaknesses. There’s no definitive answer to this, except “eternal vigilance”. I just think one ought to be a little less unguarded, that’s all.