Yeah I think that's a fair shout, the main element being that private banks create the money via loans. Thanks for engaging, I appreciate the discussion. One day I might grok how modern economies hang together, but I've a way to go yet.
Interestingly that paper from the Bank of England makes no mention of "fractional reserve" anywhere, but they do say:
>Another common misconception is that the central bank
determines the quantity of loans and deposits in the
economy by controlling the quantity of central bank money
— the so-called ‘money multiplier’ approach
>While the money multiplier theory can be a useful way of
introducing money and banking in economic textbooks, it is
not an accurate description of how money is created in reality.
Rather than controlling the quantity of reserves, central banks
today typically implement monetary policy by setting the
price of reserves — that is, interest rates.
>In reality, neither are reserves a binding constraint on lending,
nor does the central bank fix the amount of reserves that are
available
Anyway, I think I'm digressing from the topic a bit here - but I _think_ what I've learned recently is that in the UK it isn't actually fractional reserve banking, which I was surprised by.
It's not something I was aware of until recently, but I was surprised that it was not more under the control of the government and central bank (in the UK, anyway, if it turns out it's different in the US).
I have exactly this as well. My optician explained it as my brain would use the information from the lazier eye only if there wasn't any information from the good eye. Just tried the eyes crossed trick on the easy image in the article and the 3rd image in the middle is the right one. If I let them drift apart so there are 4 images I can see the left one and the difference (because I'd already found it), but as soon as I force them to overlap the left signal disappears and I'm only seeing the right image. I've also never managed to do a magic eye or anything, and 3d movies just give me a headache.
>One section of the Bayesian Stability book related to the use of the moveable keel… and defines when it must be lowered. In this vessel’s case it was required to be lowered when using sails, and/ or when over 60 nautical miles offshore (regardless of whether sailing or only using engines). At all other times, it could be in the raised position.
Perhaps interesting for people, 'knots' is actually a measure of speed rather than distance and relates to the practice of counting how many knots in a line (rope) went over the stern of the boat during a certain time, giving the speed of the boat relative to the water (https://www.rmg.co.uk/stories/topics/knots-measuring-speed-s...)