Posted: Mar 17, 2014 6:06 am
UndercoverElephant wrote:http://www.bankofengland.co.uk/publications/Documents/quarterlybulletin/2014/qb14q1prereleasemoneyintro.pdfThe Bank of England wrote:
When a bank makes a loan to one of its customers it simply credits the customer’s account with a higher deposit balance. At that instant, new money is created.
Hopefully this issue has now been put to bed. PositiveMoney are not cranks; they are correct.
No, they are still cranks.