Well, fractional reserve lending isn't a useful model for how money is created in the modern economy - bank loans are just a matter of adding an amount to the b

Well, fractional reserve lending isn't a useful model for how money is created in the modern economy - bank loans are just a matter of adding an amount to the borrower's account balance and are constrained solely by the bank's judgement of the risk of a default and to a lesser extent reserve requirements imposed by law. The amount of money that is deposited in a bank has no effect on its ability to loan money. I'm also not impressed by th6 author's claims about the FED not being audited, which is a trope common amongst a particular subset of the right that to the point it's practically a dog whistle for conspiratorial anti-tax and government types.