“Banks create money by lending out more than they get back in repayments. So bank loans create money. "

Huh? I keep hearing complaints about banks creating money by fractional lending where they can lend between 5 and 30 times what they have as assets, so they have "created" the rest of the money that is the loan. But in any case, when banks lend, they get back that money and far more when you consider the interest.

I keep wondering it the economist types look at it in terms of value added. A farmer spends so much to ccreate a crop and can make that back plus more. It's the same for so many things. Trees are made into lumber that has a far greater value. The problem is if you look at it that way you see how much wealth is exploited from nature. Still, the value added concept is a powerful way to look at things economically. If it's not being used to provide a view, then economics is surely screwed up.