"you can make a $1 of real savings circulate as though it were $1.50 or (probably a lot more) of circulating currency"

Quite a bit more, I think.

Like, banks only need about (I think) 9% actual money. So you can lend $9 off that one dollar.

But then that $9 gets deposited somewhere, and that bank can then lend $100-something... etc.

Though I could be mistaken about how fractional reserve banking works.