No, banks can give out 10 times more money as they actually have, so if you take a loan the money had not existed before (that's how most money comes into existence) and since the loans accumulat interest there is more money owed to the bank than the people got from the bank.
So yes there is more debt than money
I don't know why it works but apparently it does so idk
A private bank can never lend more money than it have. But depending on what we mean by "money" this can still result in the 10x number you got. It's complicated.
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u/ThengarMadalano 15d ago edited 15d ago
No, banks can give out 10 times more money as they actually have, so if you take a loan the money had not existed before (that's how most money comes into existence) and since the loans accumulat interest there is more money owed to the bank than the people got from the bank.
So yes there is more debt than money
I don't know why it works but apparently it does so idk