@RickiTarr Hollywood loves ruining Santa Claus. The movies always contain adults questioning Santa's existence - in a universe where Santa exists.
So where do these adults think all the presents appear from on Christmas day?
"Ooh look! Someone broke into the house last night and left a gift for little Charlie! How nice!"
So, when banks create credit, we have to believe that credit *is* money, and this is what bank regulations does for us... the bank's create credit in the confidence that the borrower will offer a repayment schedule & so underpin confidence it exists.
So, *all* money is guaranteed by the state even if it is (as credit) created elsewhere... which is why un-regulated crypto is so volatile - no-one is 100% sure it really exists & so its value fluctuates with sentiment.
2/2
@latein
> Rightoids don't bring scientific papers. I don't remember seeing any here, that despite contending a few times over whether race is a concept that exists.
So, tell me. Were you too lazy to read my post, or did your head reach so deep up your ass, that you couldn't smell the premise correctly?
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