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Doesn't the money multiplier rely on someone (e.g. a bank) at some point in the chain taking on that $100 or some lesser amount as a deposit/liability and subsequently lending more money, some of which becomes another deposit at another bank thus allowing the cycle to continue?
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Grant
In the stable: 1938 Buick Special model 41, 1963 Solex 2200, 1973 Vespa Primavera 125, 1974 Vespa Rally 200, 1986 VW Vanagon Syncro Westfalia, 1989 VW Doka Tristar, 1995 Toyota Land Cruiser, 2011 Pursuit 315 OS, 2022 Tesla Y
Gone but not forgotten: 1973 VW Beetle, 1989 Porsche 944, 2008 R56 Mini Cooper S
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