If someone proposed that you create a banking system where...

1) It is faith (er identity) based - create one number (SSN) and have all accounts (such as a credit card number or bank account number + routing number) be a proxy for it... Customers can pay merchants by simply revealing the proxy number...

Then create a whole bunch of rules on how banks have to protect the consumer and combat fraud.

2) Create money laundering legislation that in effect says - don't do anything with your money other than pay tax and spend the remainder via the above mechanism (i.e. trackable between well established identities with well establised spending patterns such as with your grocery store)

3) Create a "secret service" that is supposed to test the above setup with undercover agents to "protect it".

... even a 100 years ago you would be laughed out of the room.

It is those bank and government bureaucrats that created this mess that ought to be in jail.