 These notes can be issued to members against their credit lines, in effect, providing a physical representation of that credit.Just as a cash withdrawal is debited against (subtracted from) a bank account, the amount of any notes thus issued would be debited against the member's mutual credit account.”

Greco draws heavily from the works of E. C. Riegel, whom he credits with the fundamental insights that inspired his work.The practice of multilateral exchange can be a mere convenience, but once a common unit of account is agreed, the extent to which members can draw credit limited, a mutual credit system quickly resembles a money system.