Jargoeauxgne

with every new dollar they create, there is a corresponding liability thus there is never truly an over-supply its double-entry bookkeeping, going back to Venice or earlier (possibly Babylon) London mastered it, New York was their protege

most people are never trained to think like a banker, which is good in a way, because usury is a sin, but you cant understand the modern financial world if you dont understand the double (& now triple) ledger system

Austrian Economics was developed during the monetary experimental days of Central Europe (Germany & Austria mostly), where fully fiat paper was actually issued. That was not the Babylon/Venice/London/Fed system. The Austrians simply do not "get it".

Inflation is of course possible, yes. But its built in - intentional and within a certain scale. I'm not defending the Fed and bankers at all. Its not a moral system. But most people don't understand it and are perplexed at how it keeping functioning.

Money in a modern society is a function of law. If there are ;awful debts and/or taxes and people have to pay them then there must be a legally sanctioned way of paying them. That way is the government currency. The system has a built in supply/demand structure that works...

.... for as long as the legal system is reliable at enforcing debts and collecting taxes. Every municipality, corporation, county, state, and nearly every individual has dollar-denominated debts that legally must be paid...

.... the two main advantages to the bankers are getting to skim off all economic activity with these interest payments, and the ability to spend the newly created currency FIRST, before its full expansionary effect is felt.

Some early nsdap had a concept on how to break free from all this but they were pushed aside because Germany needed banking connections in order to finance their re-armament and purchase raw materials abroad and so the anti-usury ideas never fully implemented...