On The Subject Of Private Credit

[shikamaru]

Sorry but no. The unit of account remains the money (FRNs); bookkeeping merely tracks the flow of that unit of account.

Money of account is a term. It means bookkeeping entries. Granted it is term from the past, yet still a valid term.

By the way, there is no money in any bank account of any type anywhere within the U.S., they are all credited accounts.

If you re-read all that I have written to this point, you will see this is exactly what I have stated. This means I agree with you.
A bank account can be converted into money of exchange on demand.

U.S. law and the government's ability to impose its will through the use of force has determined that gold and silver coin are not money, regardless of your sentiments on the subject.

Incorrect. Gold and silver are money and are still used as such today. The mint is producing gold and silver coins as we speak. Now if you run out there into the public and spend that coin, it shall be accepted at face value. So a $20 gold coin is $20 to government and not $1500 as would be according to market value.

American gold and silver coin will be accepted as legal tender.

The coinage act of 1792 was made irrelevant immaterial and beside the point by the Coinage Act of 1965.

Quite to the contrary. Gold and silver coins as dollars were defined by the Coinage Act of 1792. Gold and silver coins are produced by the US Mint today.

I raise this point for it is material to this discussion.

All fiat money systems (including the US) start on commodities (primarily gold, silver, and copper).
Fiat money typically comes to fore when a nation is at war.

While the FRN may resemble the USD, the USD is not the basis of the FRN. The FRN is a private issue currency.

Isn't the FRN's unit of account called dollars?

** I stand corrected: If FRNs can be Redeemed for Dollars then that would indicate that Dollars are the basis of FRNs. However, silver plays no part in it.

I think you are neglecting the history of US money.
FRNs were initially backed by gold and silver coin. You could redeem a $1 FRN for a one ounce silver coin. You could redeem $20 FRN for a one ounce gold coin. The redeemability of FRNs in gold was abrogated in 1933 and in silver between 1965 - 1968.

A dollar is weight and grain of silver as outlined in the Coinage Act of 1792.
A FRN's unit of account is a dollar (in title only, not value).
Initially, a FRN represented value as based on gold, silver, and copper coin.
Think of value in terms of weight rather than market value.