Economists make theories of credit and money, how the money base changes with credit. That is a wrong theory, the true money base is proportional to credit history, the second derivative. As long as the credit history is getting better, free and unencumbered money will expand. Ultimately the utility cost of money becomes the cost of maintaining credit history.
Smart cards change all that because smart cards have a no arbitrage banker bot inside. For the smart card holder, that means the second derivative of the loan/deposit ratio of the smart card always meets the constrained flow condition. This holds for any currency the holder may be using, as long as the currency has a visible no arbitrage yield curve. The cost of doing this function is the one time payment for a smart card plus the cost of a watch battery every year. Banker bot is free. The smart card is counterfeit proof, it has your picture inside and out so it can't really be fooled.
Thuis, Smart card makes the utility cost of money a uniform constant across all wealth class. All transaction pay the constant fee regardless of transaction size. The no arbitrage baker bot system has its own liquidity demands, the number on the right side of the hyperbolic defining equation. That liquidity number, the flexibility of banker bot to 'float', tends to one, money is the closest we get to a perfect Shannon match.
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