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comment by deepflows
deepflows  ·  3206 days ago  ·  link  ·    ·  parent  ·  post: Why I Defaulted on My Student Loans

No need for sarcasm, Gumbo.

I'll just leave this here. It's a PDF. Just jump to the conclusion if you don't want to read it all, you can still go over the whole thing if you want.

Once you're done, why not have a look at what The Bank of England itself has to say about the matter.

    Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money. [...] In reality, neither are reserves a binding constraint on lending, nor does the central bank fix the amount of reserves that are available. As with the relationship between deposits and loans, the relationship between reserves and loans typically operates in the reverse way to that described in some economics textbooks.

When you're done, why don't you tell me if SOMEONE OWNED the money prior to giving it to him.

You're welcome.