"Banks Are Not Intermediaries of Loanable Funds - Facts, Theory and Evidence"

Some subversive employees at The Bank of England have put out another fine report.
To sum up, "banks create money out of thin air". They do not sit their patiently collecting deposits and lending them out. They lend first, the borrower spends the money and whoever receives it deposits it back in the banking system (what else can they possibly do? If they spend it, then somebody else deposits it etc).
This will no doubt cheer up DBC Reed no end!