On The Subject Of Private Credit

[Carl]

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.

Credit is not money at all, it is simply book keeping entries that banks have finagled into a currency or, medium of exchange.

FRNs are legal tender money, a unit of account and the basis of all credit/debt issued.

FRNs are born as debt but they can also be held independant of debt, credit can not.