Okay, sure... let me rephrase then:
Where Milton said ‘money’, replace that with me saying ‘debt’. Dollars are debt. M2 is debt, for the most part - 99% of it.
I certainly didn’t and don’t mean to put words into Milton’s mouth.
So how do you get the idea that dollars are debt?
The current US money supply began as a mix of gold certificates, silver certificates, and Lincoln’s pure fiat US Note issue. Their existence wasn’t based on debt. Two were based on precious metals. One was pure fiat.
Those all were rolled into the general Federal Reserve Note issue after 1963. That money supply can be expanded when the Fed creates money to purchase Treasury bonds, but the bonds are the debt. The dollars aren’t.