Through the history of economic thought, the thesis traces how the 1913 Federal Reserve Act flipped the medium of exchange from "monetized government debt" to "monetized private debt", and argues the 1930s Chicago Plan (100%-reserve banking) and the post-2008 sovereign-money movements are the same recurring debate: money — "the most written about but less understood topic in economics" — is a public good captured as a private enterprise, with debt-created credit money at the root of endogenous instability (Minsky).

— In our words · Source: Credit Creation Banking: a licence to print money within the paradox of debt (Frank Michael Brun)