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Right now, no country can be said to have a debt free monetary system. When kings used to issue their own currency, they would put it into circulation through their spending. In contrast, the modern way of injecting money is through the refinancing of the banking system.Currently, certain local currencies are not directly based on debt and can only be purchased using other currencies (ex: German Chiemgauer can be bought using the euro). But since the latter currencies are themselves issued through a debt-based system, it means that local currencies rely indirectly on debt-based monetary systems.
