The truth is out: money is just an IOU, and the banks are rolling in it. Банк Англии выпустил документ Money creation in the modern economy (ПДФ). «One common misconception is that banks act simply as intermediaries, lending out the deposits that savers place with them... When a bank makes a loan, for example to someone taking out a mortgage to buy a house, it does not typically do so by giving them thousands of pounds worth of banknotes. Instead, it credits their bank account with a bank deposit of the size of the mortgage. At that moment, new money is created».