You're blowing my mind. So, I mean, again, I've spent my whole life imagining that the M's, that's. What they want you to be, M1. M2 and all that. The Federal Reserve was the source of the money supply, just the Fed, but it's all banks. Of course. It's true that the central banks are powerful, but they're powerful through their control of the banking system and they have power of the banks. (1:32:11–1:32:19)
CLAIM
Asserts that the Federal Reserve is not the sole source of the money supply; banks also play a role.
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