BoE tweets

“97% of broad money takes the form of bank deposits – which are created by commercial banks”.
“In the modern economy, money is mostly created by banks making loans”.
from twitter.com/bankofengland (thank you, Positive Money!)

Not that we needed any more confirmation that banks indeed create our money, but tweets like these are necessary because most of the population still believes that banks only lend out existing money. A banker will often tolerate such ignorance, because it’s good for business. However, when cornered, he’ll quickly switch to defending the status quo. That’s why it’s important to know WHY IT MATTERS.

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