credit-money is always created to pay for something.
I think that needs clarification.
Credit is necessary to create "Productive" assets with a "Use value".
"Deficit-based" Credit is not necessary to buy productive assets already in existence - "asset-based" finance or "quasi equity" through a process of unitisation of the use value (eg Kilo Watt hours; Square Metre Years) may be used instead eg Real Estate Investment Trusts ("REIT's").
It has been the use of deficit-based credit to buy existing assets which has been behind every Bubble since John Law's Mississippi Bubble inflated by his Banque Royale in 1819/20. "Any economic unit can emit money. The serious problem is to get it accepted" Hyman Minsky
And if there is a means of doing that, why not impose that on depository institutions? "This is the business that depository institutions can engage in", "this is the business that pure financial intermediaries can engage in". I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
