Birdwatch Note Rating
2024-01-14 04:10:07 UTC - HELPFUL
Rated by Participant: A42C167241257DCC760DC573E140128AAE4AEB6DD5EB1F4D283B8E22E0C0AC63
Participant Details
Original Note:
The claim banks are broke due to fractional banking is false. The Federal Reserve requires banks to hold a minimum level of reserves against their liabilities. Currently, the marginal reserve requirement equals 10 percent of a bank's demand and checking deposits. https://www.federalreserve.gov/monetarypolicy/reservereq.htm https://www.investopedia.com/terms/f/fractionalreservebanking.asp
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