The conventional popular model of banking is that banks receive deposits from savers and lend those deposits to borrowers. This model is factually wrong, and Steve Keen spends considerable effort demonstrating this clearly. In reality, commercial banks create money when they make loans. When your bank approves a loan, it does not transfer existing money from a depositor's account to yours. It creates a new deposit in your account as an asset, simultaneously recording your repayment obligation as a bank liability. New money is created at the moment the loan is made. This process — credit creation by banks — is the primary mechanism through which modern money supply expands. The implications are significant: the money supply in a modern economy is primarily determined by banks' willingness to lend, not by the central bank's reserve management. This means debt plays a far more central role in macroeconomics than the standard textbook model suggests.