This credit money traverses a particular circuit where it assumes, then loses, its value as an instrument of exchange, and where the conditions of flux imply conditions of reflux, giving to the infinite debt its capitalist form; but the State as a regulator ensures a principle of convertibility of this credit money, either directly by tying it to gold, or indirectly through a mode of centralization that comprises a guarantor of the credit, a uniform interest rate, a unity of capital markets, etc.