• Steve Grumbine - Does the Fractional Reserve System Exist?

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    Does the Fractional Reserve System Exist?
    For all practical purposes, fractional reserve banking ended in 1934 when we went off the gold standard. Today’s banking is not reserve constrained.

    At best, this is a case of innocent fraud.


    It took almost four decades but finally the mainstream is waking up to the fact that banks do not “lend out” reserves (except to one another in the fed funds market). The whole “deposit multiplier” story that was taught in every American money and banking textbook is wrong. Always has been wrong.


    #LearnMMT #MMT #BiteSizedMMT


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