Good exegesis of private banking’s accounting process. However, monetary gifts by the central bank or the government to retail merchants to rebate/replace a 50% discount to the individual at the point of retail sale are their own reserves as a gift does not require pay back.

What a nice way to end inflation and austerity, integrate the self interests of the traditionally opposed constituencies of merchant and consumer and a key policy in a powerful socio-economic and political mass movement to change finance forever. No?