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A comment on Money Creation in the Modern Economy. Parent comment
Central banks are an optimisation. They are not required.
Banks can transfer between themselves without any central bank in play. Central bank liquidity is not required.
That's how correspondence banking has worked for centuries.
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Central banks are an optimisation. They are not required.
Banks can transfer between themselves without any central bank in play. Central bank liquidity is not required.
That's how correspondence banking has worked for centuries.