Replying to Avatar Secretary Janet Yellen

Just a reminder on how fiat works and how banks profit from lending something, that doesn't exist until you ask for it:

"if you borrow £100 from the bank, and it credits your account with the amount, ‘new money’ has been created. It didn’t exist until it was credited to your account" - Bank of England

https://www.bankofengland.co.uk/explainers/how-is-money-created

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Tony 2y ago

How "money" is created:

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