That's pretty spot on, but the "funny definition" is used by the whole country. Debt based money rises and falls with the amount of loans circulating. So anytime someone pays off a mortgage, or credit card, or banks take out a smaller amount of short term loans, our money supply decreases.
Just take a minute to think about how unstable that sounds, and you can see why you need a serious education in calculus to possibly think its a good idea.
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