Yeah, I think I get it now, thank you. I just wish the article would point out that bank deposits aren't the same as currency and are more like IOUs or post-da

Yeah, I think I get it now, thank you. I just wish the article would point out that bank deposits aren't the same as currency and are more like IOUs or post-dated checks. I understand how it can be useful to call both currency and bank deposits money, but they're still different in some very important ways. If I give my friend a trillion dollar IOU, that's very different from (1) the government printing a trillion dollars in currency and writing people checks with it, (2) the central bank crediting a commercial bank with a trillion dollar deposit. Actually I'm a little unsure what to think about the second one. Illuminating that one could help us get to the heart of the matter.