I find it useful to think of "credit creation" as banks giving businesses and individuals authority to devalue everyone else's money a little bit. The actual transfer of value is from the entire population to loan recipient, the bank are just a routing node.
To clarify: The banks are a routing node that collects exorbitant fees (in the form of interest and repayment)
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okay so basically money is ecash, all N banks are guardians in a 1 of N multisig fedimint, and the fedimint has no actual reserves except some of its own tokens 🤣
💯 😂
