Acasemically:
If I’m understanding correctly the money stock increase by banks, in the US, pre-FRS era, bk mgmts would have been subject to prosecution under fraud statutes. (They inferred there was gold or silver to back outstanding obligations. - Even gov’t bonds were not gold or silver, which are the only constitutional forms of money.)
Practically:
And let’s get it straight, the FRS is a bunch of rationalizing theives stealing your production by counterfeiting “money”, and not bothering to produce anything (but their own power), while reducing others’ incentive to produce. They must know what they’re doing is wrong. Legitimate money is, simply, a veil under which we barter.) So, eg, “lowering rates” is a sin against the Commandment, “thou shalt not steal”.
And, a pragmatic note, for 5000 yrs, man has trusted gold as money. You can’t fool is all for long. All currencies, thru time, have inevitably regresses to the cost of production; eg paper, to 0. And, finally, the Constitution (if that means anything to our bad DC bunch) specifically prohibits use of anything other than gold & silver as “money”. (Terrifyingly, the entire world is on socialist paper currency. Look out below!) “money”