It's even crazier than that. I went to a talk by someone from Positive Money a few years ago, and apparently the vast majority of the money in the economy isn't even created by the govt/BoE, but by high street banks in the form of private lending.
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Yes, but there are pretty strict regulations on how much they can do that which are set by the government. Essentially the government has outsourced “printing money” to private organisations, but still has control of how much they can do it.
End of conversation
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We threw two trillion dollarydoos into the stock market without a second thought last month to pull it out of a nosedive for twenty minutes. Just getting that out there.
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