In which sense is it, then? I know they put it on the liabilities because they create it at the same time they buy stuff they put on the assets and I know it comes from the gold standard eras when every dollar had a counterpart piece of gold in the assets. But now they extinguished the gold (not at all, I think there’s still gold on the Fed assets, maybe not), they still owe people something, don’t they? I’m not saying they do this legally. Legally they can do what they want, but on the justice of the accountability they still have to pay the liabilities with something.
Please clarify my mind, thanks.