The Real Liquidity, Not the Money That's Plunging

The money creation process is this question, you know, where does money come from? Now, most people answer this question by saying, well, the central banks. Well, not really very much because central bank money, notes and coins in circulation is only 3% of the money supply. The majority is created by banks through bank lending. And that's why my models have been extremely stable and they've worked extremely well - stood up the test of time really well.