Banks work together to get $10,000 worth of use out of a $1,000 deposit.
That yields $9,000 of created worth, or if you will, created money.
Understanding of the inner mechanism is not required for an understanding and use of its results. Indeed, one can patent a process with a totally flawed explanation of why it works. A doctor can prescribe a medicine without understanding exactly how that medicine works. You do know that the underpinnings of how aspirin works are still under intensive study, don't you?
You are somehow able to look at the same data and selectively not see that banks cause any wealth creation.
It's actually rather Marxist of you to insist that bankers are mere parasites who add no value to the economy. Is that where you got the idea?
Excellent! That's been my point. See post #11, #45, #53, #67 etc.
You are somehow able to look at the same data and selectively not see that banks cause any wealth creation.
I wouldn't equate deposits and loans with wealth creation. Some loans could lead to wealth creation. Some to wealth destruction.
So what? That hasn't been any part of my posts.
It's actually rather Marxist of you to insist that bankers are mere parasites who add no value to the economy.
That's funny! Who said that?
Understanding of the inner mechanism is not required for an understanding and use of its results.
I'm just glad that you aren't going to loan $100,000 that you invented out of thin air.