Debt free fiat currency system. I like it! Too bad it will never happen unless the current system falls apart.
Exactly. It's not the "fiat" money that's the problem.
It's that it's debt-based and are claims against promises of future labor.
"Promises" can be made in enormous amounts.
Instead, the Treasuries of the respective countries could issue the money supply against the "completion of labor".
In other words, the only way money could get from the treasury into the economy is through things like public-works projects.
The amount of money that could be injected would be limited by the ability of the labor to be completed. No completion. No payment and injection of money.
There would be no more "promises" of future labor.
No more indentured servitude of those upon who the promises are made.