AUGUST 31, 1959 – ROBERT B. ANDERSON, SECRETARY OF THE TREASURY UNDER PRESIDENT EISENHOWER

1959 – ROBERT B. ANDERSON, SECRETARY OF THE TREASURY UNDER PRESIDENT EISENHOWER
"When a bank makes a loan it simply adds to the borrowers’ deposit account in the bank by the amount of the loan.  The money is not taken from anyone else's deposit; it was not previously paid in to the bank by anyone.  It's new money, created by the bank for the use of the borrower." August 31, 1959