this distinction has to do with one point
the payments grid neutral nature of money
all the others have a future foot print in the payments grid
in fact that's all they are
money paid out by the issuer of legal tender ie the (CB)
casts no shadow on the future at all
money completely present and potentially immortal
if not removed by the CB in exchange for some instrument
that does add to the payment grid
and is indeed quite finite in its foot print
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the beauty of the payments grid
it is what it is
regardless of movements in the various price levels around it
that is unless it has some payment streams have indexed obligation
which render them neutral to the potential impact of price level change
of the indexed price level
in the case of price level change thru endogeonous money growth
ie thru net credit creation in a fractional reserve system
or exogenous infusions ie monetizing actions by the CB
or of course the reserve of either of these
interestingly we have no sub zero index adjustments usually
