In this video I go through a couple classifications that I have no covered, at least directly. They are, however, crucial to understanding the monetary system.
When I discussed this in the past, I used the terms "commercial bank money" and "central bank money" to separate. With this, we see how accounting enters the picture and negates the idea of money as debt. While there is a liability created, double-entry shows that we also see an asset created for the banking system. The same is actually true on the personal balance sheet.
This is inside money.
▶️ 3Speak
This is a great explanation of Commercial money vs Centralised money.
I wasn't aware of the difference. I can understand the balance sheet but your explanation really helped me understand a lot of the other nuances.
The commercial bank money has a way of controlling the central bank money