[throwawaymaths]

Do you consider the value in your yield bearing savings account to "not be money" in the sense that your stocks "aren't money"? If the median American does, then your argument holds water. I don't think this is the case, though.

[lesuorac]

The BoE considers savings accounts to be part of the 97% of money in an economy. Although I'm still not too sure if you're on the side of a bank using a depositor's money or minted money for a loan.

> Of the two types of broad money, bank deposits make up the vast majority — 97% of the amount currently in circulation.