M1 (and thus M2) money includes checking accounts - a checking account is literally credit. You have lent the bank money and you have a receivable.
I never said "fiat" - you seem to be conflating things. In my example you call out "no new fiat" (which is true) and in your example you say "more M2!"(which is true). Make a valid comparison. The best way is by comparing the total assets and liabilities in the system and the total amount of economic activity driven by those.
In the end, a receivable is a receivable. The only difference is that we've created a very neat system to trade bank receivables, and tend to call them "money". When you hear someone say "money was created" mentally translate it to "receivables were created". "M1", "M2", "fractional" etc make it all sound so sophisticated when it's just ideas from 100,000 years ago, and you and I can create receivables too.
I never said "fiat" - you seem to be conflating things. In my example you call out "no new fiat" (which is true) and in your example you say "more M2!"(which is true). Make a valid comparison. The best way is by comparing the total assets and liabilities in the system and the total amount of economic activity driven by those.
In the end, a receivable is a receivable. The only difference is that we've created a very neat system to trade bank receivables, and tend to call them "money". When you hear someone say "money was created" mentally translate it to "receivables were created". "M1", "M2", "fractional" etc make it all sound so sophisticated when it's just ideas from 100,000 years ago, and you and I can create receivables too.