so as to avoid debate…
“…a process of massive credit expansion, i.e., the lending out of newly created money by the banking system, operating with the sanction and support of the country’s central bank,…”
“The concept of credit expansion rests on two further concepts: standard money and fiduciary media. Standard money is money that is not a claim to anything beyond itself…”
The concept of standard money underlies the concepts of fiduciary media and credit expansion. As I wrote in Capitalism, "Fiduciary media are transferable claims to standard money, payable by the issuer on demand, and accepted in commerce as the equivalent of standard money, but for which no standard money actually exists.“[2]…”
“The overwhelmingly greater part of our money supply today consists of fiduciary media in the form of checking deposits…” which i thought was called M1
i dont know if the linked items from the above link are true…i am assumign they are until i find out otherwise.
what i was calling credit is what was being described in the above excerpts.
to me…m1 contains credit and was thus mentioned..you may call it what you want.
snowcash or blizzars whatever