The Credit Market Is Not Healthy if There Is a Financial Crisis

In the traditional austrian reading of money, there's this basic idea that base money is held by commercial banks. When they issue out aloan, that's the creation of new money. And then when somebody is paying down a loan, that's, in a sense, destruction of money. So it just becomes very difficult to even put our finger on exactly what are we even counting here from a money supply point of view? In te talking about us. We're not really counting anything. It's all backed by credit. Everything is interwoven. Everybody's debt is owned by somebody else who is re hypothecated 13 times. All we know is that when there's pressure