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To: Hank Stamper who wrote (55991)7/5/2000 9:48:33 AM
From: pater tenebrarum  Respond to of 99985
 
David, only the Fed, in conjunction with the fractional reserve banking system, creates money - out of thin air as it were.

there is a bit of a debate going on as to whether the activities of the GSE's in the asset-backed securities/money markets also contribute to the creation of money, but i'm inclined to endorse the orthodox view that they merely contribute to the velocity of money increasing.

regards,

hb


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