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Economist George Selgin on Money, Inflation, and the Federal Reserve

Dad Saves America

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Understanding Banking Dynamics

This chapter explores the fundamental nature of banking, emphasizing the role of banks as financial intermediaries and the necessity of customer deposits for lending. It critiques contemporary theories on money creation, discusses the complex relationship between banks and central banks, and examines the dynamics of interest and capital in the lending process. Through engaging examples, the chapter clarifies misconceptions surrounding banking operations and highlights the pivotal factors influencing inflation and credit conditions.

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