Balance sheet banking started in the 1950s so it is really not even close. The Eurodollar system was in charge by the 1970s. The Fed was basically impotent at that point.

Actually the bankers told the Fed to kiss off in 1937 after they realized the authorities were going to botch it all up.

Central Banks push reserves which the banking system has no interest in or concern about. In other words, it means nothing to them.

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