The government creates money by spending, but most money is actually created by commercial banks when people take out loans. ALL money is accounted for in these

The government creates money by spending, but most money is actually created by commercial banks when people take out loans. ALL money is accounted for in these ledgers. So consequently, most money in people's deposit accounts is debt, either their own or someone else's. I recommend reading the Bank of England's Money Creation in the Modern Economy https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/money-creation-in-the-modern-economy https://www.bankofengland.co.uk/quarterly-bulletin/2014/q1/m...