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In the above I am effectively pointing out two salient features of monetary systems

I can see you mean well and are probably mortally convinced of the salience of these features. But I've had enough conversations with Randall Wray's victims to last a lifetime and they are almost never worth the slog. The best I can say is that I've read Wray and Lavoie and even Warren for President and Knapp and Lerner before them. My slightly unkind generalization is they say a series of uncontroversial things dressed in Halloween radical that in most cases are appropriately usurped by simplifying assumption until they don't, at which point they say silly things or nothing at all. I understand the plumbing of the banking system and the US Mint and I even know a guy who can explain the code behind the software of the ACH system, but if I thought the putative endogeneity of those mechanisms were critical, useful features to capture in a boiled down model of monetary macro and equilibrium price level determination I would have included them.
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