[kgwgk]

Fine, as I said I agree that "if a bank has $1 million in deposits the bank can make $9 million in loans as long as the loans remain as deposits in the bank". But that has little interest.

As for the other question, it's clear from the beginning that things can be said about the banking system that are not necessarily true for any individual bank. That paper says as much "Figure 1 showed how, for the aggregate banking sector, loans are initially created with matching deposits. But that does not mean that any given individual bank can freely lend and create money without limit."

So long!