Irving Fisher developed his equation of exchange MV = PT in 1909, after Stanley Jevons, the 19th century’s great and innovative measurer of economics, had failed to estimate it. Today, thanks to national accounting and computers, we have great knowledge of these variables. Welfare economists debate the relationship between PT and society’s aggregate wellbeing while monetary economists and central bankers refine MV mutations. Yet, the ‘developed world’ is still incapable of setting policies that avoid financial crises and their ensuing large-scale annihilation of welfare. Hence, the debate over the adequate endogenous supply of ‘money’ for Minsky’s ‘non-speculative’ transactional purposes versus the appropriate exogenous constraint on that supply to ensure long-term stability is in dire need of a supplement. This requires an understanding of the processes that create debt-money in non-regulated markets.