I read this like you suggested


and it said

“However, given a particular monetary policy regime and barring any increase in reserves, the only way commercial banks can increase their lending capacity is to secure new deposits. Again, deposits create loans, and, consequently, banks need your money in order to make new loans.”

So in the final analysis, as often as not the deposits precede the loans but it does depend on the rules and changing regulation.


Worked in our nations space programs for more than 35 years

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