Crime Against Humanity: Forms of Seigniorage, 2

Seigniorage may be defined as the profit obtained by issuing fiat money. The society uses a fiat money, one whose intrinsic value is zero or negligible, and whose face value is backed by nothing except people’s willingness to accept it as having such face value; someone like a seignior or a government or a banker issues it, and exchanges it at face value with people. The seignior or government or banker commits a thievery, by creating purchasing power out of nothing tantamount to the difference between face and intrinsic value, and wringing it out of people. This of course tends to generate inflation to the degree the amount of money is perceived as exceeding the amount of existing exchangeable products.

Seigniorage may be defined as the profit obtained by lending the fiat money one issues. The society uses a fiat money, one whose intrinsic value is zero or negligible, and whose face value is backed by nothing except people’s willingness to accept it as having such face value; someone like a seignior or a government or a banker issues it, and lends it at face value plus interest to people. The seignior or government or banker commits a thievery, by creating purchasing power out of nothing tantamount to the difference between face and intrinsic value, and wringing it out of people. That the issuer does not profit the principal but only the interest is a flagrant shameless lie comparable to that uttered by a naked individual caught into your wardrobe; in fact, the purchasing power created out of nothing has been exchanged by the issuer in the first place with some form of collateral the issuer will be more than happy to foreclose when the moment comes to pull in the fishnets. The interest is not the only profit from seigniorage at all, it is but a mere additional profit from it.
Maintaining that seigniorage is only the interest charged on the money created out of nothing is like maintaining that the shadow cast by a body does exist, but the body casting it does not.
Furthermore, supposing strictly for the sake of argument alone that something like an interest low enough to be not usurious does exist at all, any interest rate applied to the nil is always usurious because any number divided by zero is equal to infinite.