The standard fractional reserve/money multiplier story is provably wrong, in several different ways. With a pen and paper for example, work through what happen

The standard fractional reserve/money multiplier story is provably wrong, in several different ways. With a pen and paper for example, work through what happens when loans are repaid with that cascade of banks. They missed a note that money is destroyed when the capital is repaid, and it wouldn't have hurt to discuss loan defaults, but as set out, it is definitely an improvement on the old incorrect description. (Which appears to have originated as a copy and paste error from Keynes original description in the Macmillan report.)