The vast majority of central bank money is created through crediting by its member banks. The fraction which is "printed" or created without credit is insignificant.
Fiat is credit for all intents and purposes. Fiat seigniorage is done through loans backed by the central bank and serviced though member banks.
There is no fiat without credit and there is little credit without fiat.
Fiat is credit for all intents and purposes. Fiat seigniorage is done through loans backed by the central bank and serviced though member banks.
There is no fiat without credit and there is little credit without fiat.
Lex Friedman's recent podcast with economist Saifedean Ammous is all about your question: https://podcasts.google.com/feed/aHR0cHM6Ly9sZXhmcmlkbWFuLmN...