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  • When the government sells treasuries to the Fed in exchange for digital base money, it is getting ... base money, which is specifically the FED's credit based on a promise to print FRN.So the government's credit can both be connected to 'pure credit dollars', i.e. 'the people's money', or it can be connected to 'fed base-money credit dollars', i.e. 'promises by the fed to print FRNs', depending on
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