Gain of Knowledge

Drives me crazy that people insist on saying things like money is debt because it is created from an IOU ... or money is credit because it is created by crediting accounts. You might as well say people are dust, because we come from dust and to dust we shall return.

Now there may be some sense to looking at things that way, if you want to put on your philosopher's glasses and squint real hard. But there is no gain of knowledge by it. Not that I can see.

Here's mine:

The act of converting "available credit" to "credit in use" creates money. But money is not the same as available credit, and money is not the same as credit in use.

The act of converting available credit to credit in use creates money and debt at the same time. But the money is not the debt, and the money is not the credit, and the credit is not the debt, and the debt is not the money, and the credit is not the money.