P.S.: The fractional money can only be created if the initial deposits are first given. Otherwise, they can never be created under current fractional reserve banking rules.
At the risk of opining ‘above my pay grade’, you may be correct legally, but I’m not sure that the Fed is playing by the rules anymore. We are deeply in debt and yet we just printed what, $700B in new money this year? In addition to the so-called stimulus money of about the same amount?
Historically, fractional money has *always* trended to fiat money (some reserves to no reserves) over time and I believe that that’s where we are now. That’s why it is so important to pass that ‘Audit the Fed’ bill, as a first step to abolishing the Fed. Central Banks only help bankers and politicians at the expense of the citizens.
The important thing is to get the word out and your drug dealer/addict story does just that; keep up the good work!