Money = Who Owns What
Credit = Who Owes What To Whom
They are similar, but not the same. One requires identity, the other doesn't. One requires trust, the other doesn't. Both arise naturally. Both are important. Only one of them can be sound. Only one of them extinguishes the other.
In 1971 we have killed money proper, and we've acted like they are the same ever since.
Condensing so much information into such a small and clear note truly is a form of art.
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