On The Subject Of Private Credit

[Carl]

Or does it rest on the estate held in trust where the FRN devalues it when we choose to use that form of currency?

Interesting question. Whose estate is being held in trust?

Federal Reserve notes represent a first lien on all the assets of the Federal Reserve Banks, and on the collateral specifically held against them.

This accounts for the FRN's limited supply and it also discounts any notions of hyperinflation.