The Federal Reserve Has Never Printed 'Money': Part I - Seeking Alpha

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Telegraph.co.uk
The Federal Reserve Has Never Printed 'Money': Part I
Seeking Alpha
The Fed has no authority to print money; they never have printed money and can only create reserves. Reserves are not money. Reserves are not part of M1 or M2; they are part of the monetary base. Banks create money through loaning out reserves.
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