nostr:npub1ly26mcp4r2yxs9fcsacegyxn6tu8pat7hlxlnk8fc2z573swk8qqlqp3k0 

So, banks can create credit (money) by finding willing borrowers - while even Central Bankers seem to miss this sleight of hand, more recently a paper from the BoE did recognise & agree with Keen's argument.

The key thing is the money supply is no longer really in the Govt's control, and interest rates  more by what would be needed to be borrowed to cover the position if a loan defaults, than a direct immediate causality - hence rates dropping while mortgage lenders see borrowers