Yes, it is feasible, practical, and can achieve the same thing that we have now. In reality we have a MLE now but in disguise.
It is well known that the money is free for the Fed. The Fed is the central bank (CB) for the USA. It is a private bank and only it can print money without any restrictions, at anytime, by any amount, and without any transparency and accountability. Since the money is free for the Fed, it should be free for everybody. We should not have to pay it back; there should not therefore be any debt or deficit. Thus the Fed has artificially created the taxation, periodic payment, interest rate etc. At the core of capitalism then we really have a free-money system or MLE now.
Let us examine the status of money today. We are all dealing with electronic money these days. Our employment checks are deposited electronically by our employers in our banks. We buy things using our credit cards. We pay the bills using our computers. Thus the money is just a number in some database on some computers. That number goes up and down and controls our life styles. Now we ask do we need that number to control us.
Isn’t it already a MLE? We are all trusting something that is not there or free like thin air.