A central bank’s paper money is backed by the assets of that central bank—usually government bonds.
The credit card dollars issued by a credit card company are backed by the assets of the credit card company, which in turn consist of the IOU’s of the customers who use the cards.
All money, whether paper, credit, or otherwise, is backed by the assets of its issuer.
A private bank’s checking account dollars are backed by the assets of the private bank.
“Professor Fekete has written often about the real bills doctrine, describing real bills as ‘self-liquidating credit’.
I have run conferences at the Martineum Academy in Szombathely, Hungary in the Austrian tradition and in the spirit of Carl Menger.“The existence of central banks is irrelevant to the proper functioning of real bills, as the experience of the 19th century convincingly demonstrates.