nostr:npub17ruzvfzcz3alywr8fw8vaue29506rvx6zyjvtmk067ga7l4msrdq950eqh nostr:npub19wp8d0wrts9xcjp7czs0gk95x2dvs70uh7w2f6paaz8kjn6f9zjq5grre4

The argument is that banks create credit by first of all generating loans (to people who have the ability to pay) creating a performing asset on the balance sheet, while also recognising the loan as a liability (that the bank has to pay out), thereby zeroing out the balance sheet existence of the credit, essentially creating credit out of thin air... there's quite a bit of work on how this is achieved - See Keen's work & others.