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The textbook story about banks taking in deposits and lending some of them back out hasn't been true in modern economies for a long time. Banks don't need depos
by alangibson 4y ago
The textbook story about banks taking in deposits and lending some of them back out hasn't been true in modern economies for a long time. Banks don't need deposits to make loans.
It's a long story, so I always recommend going down the Modern Monetary Theory rabbit hole.