I never said it never had any value I said that it no longer exists.
If it was used for a valuable purpose, that value was permanently extracted from preexisting currency. You say, to fill a vacuum, but that vacuum didn't come into existence from outside the system within which we're operating, i.e., it would otherwise have been filled by preexisting currency, which would have operated
against price inflation. So the value of the new currency was in its capacity to nullify an operation against price inflation. Zero sum game.
There's no cheating in math, and monetary economics, once you cut through all the BS, is essentially just math. All that smoke and mirrors accomplishes is to manipulate the results in terms of who gets screwed by bad policies, i.e., it can alter who gets left holding the bag, which usually works out to you and me, leaving the banks and the "too big to fails" in the clear.
