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Quote of the Day

Wednesday, December 18, 2013

December 18, 2013 -- "Under the present system banks do not have to wait for depositors to appear and make funds available before they can on-lend, or intermediate, those funds. Rather, they create their own funds, deposits, in the act of lending. This fact can be verified in the description of the money creation system in many central banks statements, and it is obvious to anybody who has ever lent money and created the resulting book entries." "International Monetary Fund Working Paper, Chicago Plan Revisited," p. 9

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