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Quote from Federal Reserve Bank of New York,


"Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower's IOU."


By:

Federal Reserve Bank of New York (more quotes by Federal Reserve Bank of New York or books by/about Federal Reserve Bank of New York)

Source:

I Bet You Thought, p.19 (1977) Published by The Federal Reserve Bank of New York

Categories:

Economics, Fed, Money

Rating:

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