this post was submitted on 23 Dec 2023
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From the very source you linked--which isn't even a good source to begin with since very little of the actual responses there use their cited sources correctly, often quoting shit out of context or misinterpreting the source material:
But again, that's just one user's response. Not a credible source. So here:
https://www.imf.org/external/pubs/ft/fandd/2012/03/basics.htm
Which is a more detailed explanation of what I originally said. Yes, they create money. But it's coming from somewhere and backed by something and not just magically imagined.
In the US, the Fed can just print money, and they have numerous times. But that's because they're legally allowed to. Banks don't have the authority to straight up print new cash without something backing it up (e.g. reserves, assets, securities, transactions, etc.)
You don't understand anything. What bits of this I read didn't support your point at all though