This should not come at a surprise as money really is debt. Say you get a loan of 100$: now you have 100$ more to spend...but your creditor can still factor hi

This should not come at a surprise as money really is debt. Say you get a loan of 100$: now you have 100$ more to spend...but your creditor can still factor his/her credit (sell it at a discount) and spend that sum. That initial 100$ can be spent twice (minus discounting factor). Of course that loan needs to be repaid at one point. But what if you keep on making new debt to repay the previous debt? And what if the credits you generate have a particular utility for your creditors (eg. government-bonds for banks) so that you get 0 or even negative interest rate? You got really close to creating money. The difference between different types of debts and money is rather quantitative (interest rate) than qualitative: https://en.wikipedia.org/wiki/Near_money https://en.wikipedia.org/wiki/Near_money.