> All USD flow from a single institution, the central bank. Hmm, no. > Other banks can create debt, but only with permission (the initial money supply) from t

> All USD flow from a single institution, the central bank. Hmm, no. > Other banks can create debt, but only with permission (the initial money supply) from the fed. More like a license. But it's no different than me creating supply by promising you to pay. That's really how it works in the banking world (and why the big guys have an advantage: they have a reputation). > You'd have to really squint to consider that decentralized. The current system is still relatively decentralized which is why governments and central banks depends on banks (and love them). Which is also why they want to try their hand at a CBDC (because it removes the role of banks)