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Not, a loan. A liability. They owe you the money in your account. But in the same moment they create an asset at their central bank account. A.s.o.

When you take a loan, it's your liabilityto the bank. Then they create an asset. No central bank involved and no goverment bonds.

I thought their loan asset had to be backed by a corresponding bank reserve on fed balance sheet?

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They need some reserves but the requirement is almost zero nowadays.

There’s a distinction between commercial bank reserves and central bank reserves I thought.

Central bank bank reserves are inter-bank central bank currency, the stuff of QE. Those don’t go out to commercial circuit, the consumer economy.

And then widespread growth of commercial bank reserves are a post-2008 phenomenon lol

Banks sold their Treasuries to the FED, so the asset treasury was exchanged against FED reserves. On a large scale.