Mervyn King: How Do Banks Create Money

Mervyn King Money Quote confirming something that John Kenneth Galfbraith called so simple the mind is repelled, with something so important a deeper mystery seems only decent. Mervyn King Governor of the Bank of England said:(PDF page 3, paragraph 3)
 

 
[ctt template=”12″ link=”7Mp45″ via=”no” ]When banks extend loans to their customers, they create money by crediting their customers’ accounts” — Mervyn King[/ctt]
 

 
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