On the "Austrian Debate".

When we built nostr:npub1eajvs8x67vmzsnwaf9ltfgt59e6acmeztx9shduewvfgwftx8ahsagcd93 the development mechanics clearly confirmed the position of Antal Fekete and Juan Rallo.

It became very clear that Murray Rothbard and Phillip Bagus misunderstood the act of credit creation.

It is not the banks, cuckoos squeezing in as legal intermediaries, but the original buyer and seller granting terms which create raw credit money. Still not fungible, but already negotiable.

The merchant banks accepting a bill and discount houses discounting it, both are just enhancing but not creating the original credit, as Rothbard described it.