The Debt-Money Nexus: Navigating Credit Cycles, Inflation, and the Future of Finance
Introduction: Why Debt-Based Money Matters Now Money is often treated as a neutral tool: a medium of exchange, a unit of account, and a store of value. Debt, by contrast, is usually discussed as a burden carried by households, firms, or governments. Yet in modern financial systems, money and debt are not separate phenomena. They […]