A lot of economists in the late 1950's knew that banks didn't loan deposits. Today there is 15 trillion dollars impounded in the payment's system. In Japan, the Japanese save more and keep more of their savings in their payment's system. That destroys money velocity. That requires increasing infusions of Reserve Bank Credit just to maintain existing real dollar amounts of GDP.
A lot of economists in the late 1950's knew that banks didn't loan deposits. Today there is 15 trillion dollars impounded in the payment's system. In Japan, the Japanese save more and keep more of their savings in their payment's system. That destroys money velocity. That requires increasing infusions of Reserve Bank Credit just to maintain existing real dollar amounts of GDP.