The electric credit system isn’t bad, it’s simply regulated by a *real* interest rate and genuine savings being loaned. Otherwise it’s either being manipulate by price controls (on interest rates) or by fraud (rehypothecation and fake backing). But there’s nothing inherently wrong with credit. It’s the fake prices, central bank manipulation, and financial fraud to fake economic signals that is bad.

to turn it around, who decides the elasticity of the credit system built on top of the fixed layer?