Federal reserve notes are credit instruments drawn upon the credit of the people, but with improper bookkeeping.

It is already a mutual credit system.

Discussion of mutual credit begins on page 2; Thread: Get rid of the money system, then get rid of goverrments (Page 2)

Links to Major Clifford Douglas who formulated the idea of "social credit" are found on pages 20 and 33
Thread: Get rid of the money system, then get rid of goverrments (Page 33)

The whole of the movement generally referred to as "Redemption of the Strawman" is about correcting the bookkeeping in favor of the true creditor who is the individual.