nostr:npub1a2cww4kn9wqte4ry70vyfwqyqvpswksna27rtxd8vty6c74era8sdcw83a I'm reading your excellent book, Broken Money, and I can't help but chuckle every time bank reserves are referred to as “liabilities” of the central bank. How can something be a liability if it can be created out of thin air with zero production cost? Reserves are only liabilities in a technical accounting sense. But there is no burden for central banks to produce them.