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Banking Truth Unlocked in Short
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Banking Truth Unlocked in Short
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Steve Keen considers the following as important:
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| Banking Truth Unlocked in Short |
I just dont understand the final sentence. I thought fract. reserve banking had nothing to do with cash necessarily, but just meant an arbitrary rule that says banks aren't allowed to loan out more than so many times their "reserves" (which are in the form of, I guess, a deposit acct at the Fed, whatever that means?)
That’s when you don’t do the accounting. When you do, the only way “Fractional Reserve Banking” works to create money is if all loans are in cash. Check the latest post on my Patreon and Substack pages for the proof