It's very new because it uses trustless technology at an entire community level, and UBI to put money into circulation, rather than letting the bank underwriters quietly choose winners and losers. You're not supposed to give banks the monopoly to issue the money. That's the whole point I just made.

Some communities will do better than others, but when they start running out of federal dollars, their local currency will ensure people can still eat, and plumbers will still get off their ass to fix leaks.

"Wildcat currency" was indeed a lot more unstable before the US blew them out of the water with "the greenback", which was issued to finance the civil war, backed by land taxes and tariffs, and then they passed laws making it "legal tender" for all debts, even the private ones.

Banks have been working with the US government hand in glove, if credit money is the vast majority of our M2 money supply, where do you think all that new money comes from that enables people and businesses to pay back all the loans with interest? Who do you think bails out those banks and forces them to buy treasuries? and so on.