While a small percentage of a country’s currency exists in the form of physical cash, the majority exists in digital form, created whenever a financial institution backed by the central bank lends. New money is not created when currency bills are printed, but rather whenever new debt is issued. Bill printing just turns some of the already existing money supply from digital to physical form.

Anyone who finds a way to get other people into debt profits not only from a positive interest rate return, but also by bringing new money into existence. Getting others into debt is the fiat standard’s version of gold prospecting.

~ Saifedean Ammous

The Fiat Standard