“The main way in which money is created runs contrary to the view sometimes put forward that banks can only lend out deposits that they already have.
“In fact, loans create deposits, not the other way around (deposits create loans).”
In the modern economy, most money takes the form of bank deposits. But how those bank deposits are created is often misunderstood: the principle way is through commercial banks making loans. Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.
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