The order of how money emerges is wrong and thus the premise that each step moves the trust higher in hierarchy is wrong.

It didn’t necessarily come from banter (see rai stones from yap island). Debt didn’t always come from currency (See Inca system of Reciprocity and Redistribution where there was no currency). Private Banks don’t always precede Central Banks (see Sumerian Temples).

I do agree with the argument that money is backed by trust. But I don’t think it’s inherently hierarchical. I think if anything, money and its diverse manifestations in currency are a complex graph where of course there are regions that exhibit hierarchical behavior (eg. Chilean bank backed by Chilean Central Bank that issues bonds and buys or sells US dollars). But for example I believe Crypto/Cigarrets in Prison/Silver/Gold/etc aren’t part of that hierarchical region.