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Any bank can send an armored car to a Federal Reserve branch and withdraw their excess reserves as paper money. So any claim that banks don't loan out excess reserves is like saying they don't loan out paper money. While this may be technically true, it is not helpful to understanding what is going to happen. I think it is best to view excess reserves like government debt as far as the risk of inflation and hyperinflation. http://www.financialsense.com/contributors/vincent-cate/excess-reserves-is-like-government-debt
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Jun 25, 2014