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Regarding the issue, what I find a very worrying problem is requiring value before utility, the underlying reason of that requirement is the confusion between money and credit. Austrians (Miseans) fail to acknowledge that fiat is credit.
Fiat isn't even credit. Many decades ago its precursor, the gold bank note, was credit but was reneged on, and out of habit and network effects people keep using the never-to-be-repaid IOUs as money.
![Giacomo Zucco [I identify as a -e^iπ vampire]](https://pbs.twimg.com/profile_images/1172971162919415813/Pn8O2gkx_normal.jpg)
Granted, its supply grows and shrinks (mostly the forrmer) by the issuance of fractionally collateralized credit.
Fiat would be worthless without the obligation of the issuer to accept its own currency to pay down debts with the issuer. As such fiat currency is a liability from the issuer regardless of not being redeemable. I briefly explain it here:https://link.medium.com/mmVW4Qw8PT
Central Bank currency (including notes) arise from the transformation of debts (Bonds, MBS’s) into fungible fiat Issuers of those debts buy their own debt (now fiat) and the CB obliges to cancel the debt upon delivery of fiat How is fiat not debt if it’s a debt transformation?
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