For some people bank credit is a form of money and has value

Only an institution with a banking licence is able to help you pay your taxes, no other private institution is able to do this. We can take out a 'loan' from the bank and have our tax debt deferred to a later date, plus interest. Because the Government is willing to accept this debt it has value; other people will buy it, in exchange for goods and services. Owning bank credit means that we are better able to pay our taxes in the future, it removes a debt that we have, it is not valuable in what might be called an objective sense, only because without it we might be put in gaol. An analogy might be with medicine, we value it when we are ill, but on most other occasions it has little value to us.

The same is true with cash; it has no intrinsic value, especially now that the link to gold has been removed and so it is only valuable because without we are unable to pay our taxes. If not for the legal ability of the Government to be aggressive, cash would be worthless.

People who do not question the legitimacy of this type of aggression will work hard to earn cash so that they can pay their taxes, or for some other reason. This type of person is visible and easy to collect taxes from, they will value cash highly and it is partly for the reason that they value cash that they behave in this manner.

There is no reason why people who want cash would not want bank credit. For some people, bank credit is a form of money.