Here is a first level question you can apply to any discussion of money. "Does the writer or speaker address money as though it is a thing?" Because this is the first indicator of a fundamental error.
Memeplexes thousands of years old are carried through and written into laws and regulations and automatically presumed to be true.UNBACKED CREDIT IS MUTUAL CREDIT
ALL PRODUCERS OF VALUE ARE THE TRUE BACKERS OF MUTUAL CREDIT USED AS MONEY
I have in the past, and continue to refer to the present system as the "Galloping Gertie" money system. This refers to the Tacoma Narrows bridge that was built that had harmonics that caused positive feedback from winds. These harmonics caused the bridge to fail within months of opening.
Interest bearing hypothecated debt (credit) where the original seigniorage is not properly assigned to value producers is the prime cause of failure, and until the seigniorage is properly assigned the problems will continue.
An in-depth examination of the problem and a set of solutions would be a book - not really email material.
We can however, ask some simple questions. Since the money is paper, bookkeeping entries, and electrons, we can ask: "What did they run out of, the paper? the ink? electrons?"
A money system is not the physical economy. A money system is to the physical economy as a map is to the physical geography. If you threw a map into a burning fireplace, would you look out the window and expect the trees, dirt, and roads to burst into flame?
Here are several sites related to the topic. (credit as money)
[link to wfhummel.cnchost.com
[link to credec.org