While supporters of fractional reserve banking claim banks inform depositors that they are really lenders (and banks are borrowers), a survey of the fine print yields says otherwise.
While FedNow seems benign, there is the larger problem of the entire banking system itself being built on a foundation of sand. FedNow can only make that problem worse.
How can a bank “create money out of thin air”? We must enter the magical kingdom of “fractional-reserve banking,” where deposits are turned into loans, loans are turned into money, and so on, to find out.
Why do governments keep pushing CBDCs when voters hate them? Simple: CBDCs are irresistible to governments, who would dearly love to monitor and control every dollar you spend and every word you speak.