Please note: most (±95%) of the U.S. money supply is not created by the Federal Reserve, but by the U.S. commercial banks as deposits when they make loans. [1]

Please note: most (±95%) of the U.S. money supply is not created by the Federal Reserve, but by the U.S. commercial banks as deposits when they make loans. [1] Alternatively you can read the Bank of England report on Money creation. [2] It's about the British economy but goes into further detail and the monetary principles are the same in every modern country. [1] https://www.kreditordnung.info/docs/S_and_P__Repeat_After_Me_8_14_13.pdf https://www.kreditordnung.info/docs/S_and_P__Repeat_After_Me... [2] https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/m...