Not true. If his bank simply deleted his accounts, then no real wealth was destroyed. Unfortunately, he used his money to encourage the production of useless th

Not true. If his bank simply deleted his accounts, then no real wealth was destroyed. Unfortunately, he used his money to encourage the production of useless things. Real resources were consumed. As you point out, some of the value was saved through the producers' profits (and whatever real value the consumer received). However, if the sum of the final value of the product/experience and the value of the profits was less than what was initially paid, then real wealth was destroyed.