It's a different kind of money, because in a case debt is created and in the other no (even if we use the fiction that it is):

https://pediaview.com/openpedia/Modern_Monetary_Theory#Verti...

http://www.nakedcapitalism.com/2015/01/bill-mitchell-demysti...

(thanks for the link)

I'm going to read these too. I think nakedcapitalism is such a great blog.

I agree one is created as debt which will be destroyed ultimately on repayment. However this is the nub - they create 100 and demand back 110 at a later date, therefore more must be lent in the interim to avoid a deflationary collapse.