On The Subject Of Private Credit

[shikamaru]

Fractional Reserve Currency:

Commercial banks do not create money as defined by law. They create a "money substitute" a.k.a. "book keeping money", a.k.a. "electronic digits", a.k.a. "Credit", a fractionalized derivative of the primary money, Federal Reserve Notes, that is measured in dollars. This practice is known as Fractional Reserve Banking (a practice that has been destroying economies, countries and lives for over 600 years).

This is similar to the concept of money of account vs. money of exchange.
I got this information from some French treatise.... if anyone is interested, I can see if I can dig it up.

If I follow, credit is money of account. FRNs are money of exchange.