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>most people don't realize that only 3% of the money supply is printed by the government (the rest is created by private banks)

do you have a source for this claim?

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Section "Money creation in reality" [1]. States that 97% of money in circulation are from bank deposits, the majority of which are themselves created by commercial banks (though it doesn't explicitly state that the rest comes from governments).

[1] http://www.bankofengland.co.uk/publications/Documents/quarte...

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