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“Many people imagine that banks lend borrowers the cash parked with them by savers and, since savers don’t need constant access to all their funds, banks can make loans equivalent to many times the money they have on deposit.
In fact, whenever a bank makes a loan and credits the borrower’s account with the funds, it creates new money electronically with a couple of keyboard taps—or in previous decades by the stroke of a banker’s pen.”
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In fact, whenever a bank makes a loan and credits the borrower’s account with the funds, it creates new money electronically with a couple of keyboard taps—or in previous decades by the stroke of a banker’s pen.”
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