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|User Info||Great Article for Layman on Delfation (J6P version); entered at 2010-08-16 15:15:50|
Registered: 2007-12-05 NFA
Actually, it is correct in layman's terms.
Its created by banks and people, when the former lend to the latter.
And once those loans appear in one's checking account, its reflected as an increase the money supply. Which is what AE meant by "money". And money, technically, is whatever people use to transact business. Whether that money is a debt instrument, gold, sea shells or whatever.