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<p>[QUOTE=&quot;V. Kurt Bellman, post: 2914394, member: 71723&quot;]The old &quot;banks aggregate savings and invest them in the community as loans&quot; model is all <i>It&#039;s a Wonderful Life</i> and all, but it&#039;s fictitious. Every depositor retains the unfettered right to withdraw his deposits, right? (Unlike in the famous scene in the movie.) That&#039;s because ALL lent money is newly created money, otherwise there&#039;d HAVE TO BE a freeze on withdrawals of deposits, right? Everyday common neighborhood banks literally create new money every day, they don&#039;t need the Fed to do it.</p><p><br /></p><p>The Fed merely exists to &quot;cover&quot; whatever withdrawals are demanded on an essentially instantaneous basis.[/QUOTE]</p><p><br /></p>

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