The Bank of England has admitted that commercial banks create money out of nothing when they lend at interest.

By Andrew Mackinnon

Last updated: 23rd November, 2023

The Bank of England came out in 2014 and admitted that privately owned, commercial banks create money out of nothing when they lend to citizens, (non-citizens,) businesses and not-for-profit entities and impose an obligation on them to pay interest on this money created out of nothing: Read more...