How do banks create money, and why can other firms not do the same?

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We have reached the point where 97% of the currency in circulation is created by the banks. Out of thin air. How is this possible? Easy: it’s a bookholding trick., as clearly explained in this article by Richard A. Werner in the International,Review of Financial Analysis.
Posted by: Marc Peycker Posted on: March 7, 2016

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