>Not sure if you understood the parent's statement. Money is created largely by loans - when banks lend $1m to a company, the company owes $1m to the bank and gets $1m, but no one loses $1m anywhere. And by spending that $1m somewhere else, a fresh $1m is printed out of thin air and goes into circulation. When the company pays that back, that $1m is destroyed.

So your contention is that Bank of America prints the $1m dollars that it loans to me? Color me skeptical. I imagine they'd have better rates if they had a money printer. Or maybe they wouldn't bother loaning money at all.