Right then, it may seem like a small point but I think it's an important distinction. I can see why people say that 'money is made out of thin air/nothing' but the reality is far worse. The money is indeed created at the point a purported loan is issued but it doesn't come out of thin air, it's a cheap parlour trick. It comes from the bank laundering the promissory note into their unwarranted possession everytime a purported loan is issued, purported as no 'loan' actually ever transpires. We, the people, create the value via our pledge to pay it back. It's a common law fraud as the bank is guilty of theft of principal (the first crime of banking). They just obfuscate the entire process. The second crime of banking being the charging of interest on a falsified debt. With this system the entire system must collapse under it's own terminal escalation unless anyone artificially injects liquidity into the markets. UBI anyone? It's a bankers wet dream. Careful who you follow out their folks.