Send a Quote from Federal Reserve Bank of New York
Your name:
Your email address:
Send to:
Comments:
"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
Source:
I Bet You Thought, p.19 (1977) Published by The Federal Reserve Bank of New York
© 1998-2005
Liberty-Tree.ca