"What is the difference between real savings and money injected into the system?"
"Real savings is consumption deferred. Money is work. It is the residue of work. Credit is a promise to pay money. It’s different than [money] itself. These days, the distinction is somewhat blurred because paper money is called notes. A note is a promise to pay and yet money also goes by the name of note. If you look at a Federal Reserve note, our greenbacks in America say, “This note is a promise to pay.” Pay what exactly? There is nothing behind it."
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