> ...from a checking account. Banks ... We've got Schrodinger's money here! One minute I can go down to the bar and create as much money as I like with the bar

> ...from a checking account. Banks ... We've got Schrodinger's money here! One minute I can go down to the bar and create as much money as I like with the bartender. Then the next we suddenly discover that yes we need a bank and yes there all of a sudden a checking account is involved and no a bar tab isn't a legally recognised form of money. > I'm not Nvidia. I did just sign a purchase order with a builder... Again though, we discover that in fact the person in control of the part where the actual money was created was a bank. You can't just head off with your builder and create money - otherwise you'd be stupid to stop until you unseat whoever was the richest fellow in the world this morning. > Nvidia causes the creation of new M1 through banks. And the banks make another appearance! --- I put it to you that Nvidia can't, in fact, create new money. You'd never get that line of argument past a tax collector. > Fun fact, you don't need a banking license to issue traveler's checks. And traveler's checks are counted in M1 in the U.S. And I'll add in postcript that I know nothing about travellers checks in the US, but I'm quietly confident it'd turn out to be illegal to go around creating vast amounts of new money there too, on the basis that people tend to work for a living.