It’s true that money is just a way to keep score. That’s why creating it at interest is old time religion. The government could simply create the money, as Lincoln did in the civil war - the greenback dollar.
“That’s why creating it at interest is old time religion. “
Ok I’m game. Tell me how you go about paying interest on your money. Who do you make this interest payment to?
Lincoln’s Greenback issue was highly inflationary, as mass issues of fiat currency usually are; the exception being when it’s done to counter a credit deflation and is merely restoring the previous level of the money supply.
The Greenback issue devalued the dollar and resulted in the suspension of the gold standard for nearly two decades. Restoring the gold standard contracted the money supply and was a major factor of the Long Depression of the late 1800s.
The Greenback issue remained part of the American currency issue right up through the 1963 Series. The $5 U.S. Notes are the Greenback issue carried forward.