That is not the case.

I am saying (and you are agreeing) that once the loans = Money are created then while selling them on may change the counterparty of the loan, the "new" "asset-backed" Money created in the first place remains in existence.

As I said earlier, it just goes to show how obscure the system is, and how its fundamental flaws are entirely hidden from view behind smoke and mirrors..

"Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky