Banks issue money because they are part of the government

If banks were not part of the government they would not be able to issue money. The banks are not separate from the government.

If bank credit is guaranteed this means that the banks are able to issue tax receipts, which is money, and they are part of the government. Only the government can issue money which makes banks part of the government, since they too can issue money. If banks were not part of the government they would not be able to issue money.