Explaining the relation between the Fed's creation (or destruction) of bank reserves and banks» creation (or destruction) of deposits takes a
little effort, not in the least because doing so means confronting the different ways in which economists on one hand and bankers and banking consultants on the other look at the process, and deciding whether the
difference is due to
substantive disagreement, or mere semantics.
I though I might have been at the wrong place... there was
little substantive discussion of environmental issues, but endless tirades on the evils of capitalism, material wealth, and
differences in income between rich and poor.