"The economy needs money its agents can hold and move at machine speed (in enormous volume and in tiny increments) without stopping on every transaction to ask whether the money itself is any good. That requirement points to a specific, old-fashioned-sounding answer: full-reserve money, settled with finality, on an open network. Here is why each word matters. At machine speed, money that carries risk is dangerous, because a panic that once took weeks can now happen in seconds. So the base money has to be fully backed and worth exactly one dollar to everyone, everywhere, with no need to check. The objection writes itself: banking creates credit by lending the same dollar many times over, so wouldn't full-reserve money starve the economy of credit? No. Credit doesn't vanish; it gets rebuilt on top, and made more powerful. Velocity replaces leverage. When money turns over fast enough, the same dollar can do the work that lending it many times over used to do, without manufacturing hidden risk." The Essential Read — from The Agentic Economy https://agenticeconomytreatise.com/treatise/essential.html(Jeremy Allaire - jerallaire.arc)