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The truth is out: money is just an IOU, and the banks are rolling in it

British banknotes – moneyThe Bank of England let the cat out of the bag. In a paper called "Money Creation in the Modern Economy", co-authored by three economists from the Bank's Monetary Analysis Directorate, they stated outright that most common assumptions of how banking works are simply wrong. In doing so, they have effectively thrown the entire theoretical basis for austerity out of the window.

The central bank can print as much money as it wishes.