Maybe the main feature of Fiat is not that governments can create it, but that it can be created out of nothing by anyone with a promise and an enforceable agreement.
Yes, I think you are right.
It's the loan taker, a NPC who wants to buy a house. He has some cash, but the rest, as you say, is his promise to the bank. That's the creation.
It's the loan taker, a NPC who wants to buy a house. He has some cash, but the rest, as you say, is his promise to the bank. That's the creation.
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