Airlines make money on the frequent flyer miles they sell. They lose money on flights. They are a business that creates, sells, and is sole owner of their own currency. They are their own central bank of points

The flights are loss leaders to sell points.

Airlines make money on the frequent flyer miles they sell. They lose money on flights. They are a business that creates, sells, and is sole owner of their own currency. They are their own central bank of points

The flights arrest loss leaders to sell points.