The vast majority of the money lent out was freshly printed money with no backing or customer assets whatsoever. Welcome to the debt based society that is our fiat world.
Thank God for Bitcoin
What never stops to blow my mind is how perverse it is. You are forced to have a bank account yet bank could close your account any time with no reason just because they dont like your business. If you have an account they have license to lend your money and they are not obliged to borrow you anything. They lend your money to your direct business competitor and not you without any obligation to disclose reason. You after all that have to participate and borrow to “invest” so that you beat the debasement and you somehow have to convince yourself you are lesser piece of shit because you just have to.
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