Your definition is accurate but it also admits that our monetary system is a house of cards really. Another inconvenient truth. Actually, gold or any other monetary instrument is constructed no less than sticks with notches. Just something someone has attached value to. Recall the tulip craze?
Exactly.
Let me ask you a question.
Why do you think there has been an uproar over using the term "master" in society?
Is it because of social justice? Is it to be polite?
Or is it because your economic masters don't want you being able to refer to them with their actual title?
It used to be that the Treasuries of each nation issued the money supply - spending it into the economy through public works projects and relying on monetary velocity for it to spread through all segment. When the economy got too hot then taxation could be used to bring some of that money back in and destroy it.
The economic masters didn't like that. Why?
Because the money supply was based on the "completed" labor of the populace (no debt) instead of "claims on the future labor" of the populace (debt).
How can one control a populace and be their master if they don't have control over the future labor and actions of that populace?
The economic masters not only enslave present generations, but they are able to use their wicked system to also enslave generations not yet born.
"Claims" can be promised ad infinitum. There is no cap.
Read what happened in 1696 when King William allowed the Bank of England to be formed, after his wife Mary (the rightful ruler) died. He convinced her to have Parliament make them co-monarchs.
England was quite happy with their existing non-debt monetary system using "tally sticks" as their currency (look it up).
Debt was forced upon English subjects, who then started getting angry that the Colonists didn't have to use debt-base money also (instead using Colonial Script).
England began the attempt to force the Colonists into debt-based money.
This was the true ignition point for the American Revolution and where we are today.
Anyone attempting to change away from debt-based money has been dealt with harshly.
Lincoln with the greenback. JFK with Silver certificates.
Again, ask yourself why "master" is so frowned upon these days...
If it's a house of cards, it's been working, in one way or another, since the dawn of time.
The first writing, probably Sumerian or lower Mesopotamian, was developed for accounting and trade (i.e., IOUs).