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The Life Cycle of Money
| Understanding how deficits inject deposits, trade creates dollar outflows, and reserves recycle back into government debt <h1 data-number="1" id="ontology-of-money"><span class="header-section-number">1</span> Ontology of Money</h1> <h2 data-number="1.1" id="objective"><span class="header-section-number">1.1</span> Objective</h2> <p>Define what money is before explaining how it is created.</p> <h2 data-number="1.2" id="what-is-money"><span class="header-section-number">1.2</span> What Is Money?</h2> <p>Money is fundamentally a claim on the state or a financial intermediary. It is not a thing.
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