1/ Banks create the vast majority of money in the economy, but it‘s credit, not currency. Currency doesn’t have to be paid back. Most receive it as a paycheck for doing labor.
2/ Bank credit Is in the form of credit cards or loans, and must be paid back 100% plus interest. Once paid back, it disappears.
3/ The fact that more than 90% of money in the economy is created from banks is (A) a bad thing that the government could change (by regulating or providing more for its people) but doesn’t and (B) does not provide anyone wealth.
4/4 Only government created currency can provide wealth (meaning it does not have to be paid back).
To #LearnMMT in general, here is a good place to start.
To #LearnMMT in general, here is a good place to start.
