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> Of course the fed has the power to create and destroy dollars. So to banks outside the US. That's how fractional reserve banking works. If I go to the UK a
by wins32767 4y ago
> Of course the fed has the power to create and destroy dollars.
So to banks outside the US. That's how fractional reserve banking works. If I go to the UK and deposit $1m USD, and they loan out $900k of that to you, that UK based bank has created $900k.