> to an extremely clear explanation of how it actually works from one of the most authoritative sources possible.
If I'm not mistaken late into the 2000s authoritative sources like the Bank of England were still not completely on board with the idea that commercial banks themselves are in the process of actual money creation, a process explained described/explained by Schumpeter (I guess amongst many others) ever since back in the 1940s.
So a little bit of "not following the authoritative sources" on this one is understandable, as those authoritative sources themselves are pretty new to the idea.
If I'm not mistaken late into the 2000s authoritative sources like the Bank of England were still not completely on board with the idea that commercial banks themselves are in the process of actual money creation, a process explained described/explained by Schumpeter (I guess amongst many others) ever since back in the 1940s.
So a little bit of "not following the authoritative sources" on this one is understandable, as those authoritative sources themselves are pretty new to the idea.