Yes, real money has a deflationary risk that damps borrowing and therewith prices. It can put the borrower in essentially a naked short situation. So the borrower needs another contract to cover his monetary obligation, which is something he produces reliably e.g. labor, that pays a fixed monetary rate. But at this point the money is unnecessary. The borrower could just as well trade future labor for current goods and services in an indentured servitude arrangement. After all, he'd have to accept a pretty low rate by today's standards if that rate was expected to continue into a deflationary future. So indentured servitude is the historically viable alternative to borrowing and covering a delfationary currency. Should we go back to that?