Of course debt-free issuance of money is possible.
Not only did Lincoln do it with Greenbacks, but it was advocated for by over 400 economists in support of the 1939 Program for Monetary Reform, authored by Fisher, Douglas, Knight and others, and as modeled in the IMF Research paper by Benes and Kumhof.
Money is not debt.
Money is what we use to pay debt.
Debt free issuance of money would be possible even with the Platinum Coin.
We started fresh in 1776 after great struggle to establish our monetary system. Franklin said that the refusal of the British to allow the Colonies their own money system was the main cause for the Revolution.
The Constitution placed the power to create the nation’s money with the public, as a governmental function. The people’s money system.
Despite this history, for the past 100 years we have had a system of private money creation, through the Federal Reserve System. Please don’t focus on whether “The Fed” is private or not. The banks that create the nation’s money, and receive the full benefits of that power are private entities, so we have a private system of money creation. It uses methods designed to benefit the bankers. One is reserve-based banking.
It is unfortunate that we might focus on some private central banking metric and fail to discuss the basic concepts of the national monetary system as they relate to who has the money creation and issuance power.
As a legal matter.
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