It's only an illusion when the central bank is unwilling to inject money into the system in the event of a bank run. The central bank has to maintain somewhat o

It's only an illusion when the central bank is unwilling to inject money into the system in the event of a bank run. The central bank has to maintain somewhat of an equivalence between money stored in banks and cash. It depends on if banks become merely "money vaults" or investment/speculative vehicles.