I read the other responses to your question, and I feel like they're all using complicated language and are still ambiguous.
Can we have a simple "for dummies" answer that explains how does the system guarantee that nobody's creating money without notifying everyone in practice?
Is there some kind of a public ledger? Do banks automatically broadcast their money creation operation to other banks?
Can we have a simple "for dummies" answer that explains how does the system guarantee that nobody's creating money without notifying everyone in practice?
Is there some kind of a public ledger? Do banks automatically broadcast their money creation operation to other banks?