> That depend on how you view money. Lending does increase the volume of money in circulation, in that sense it creates money. But that view is too simple to be useful.

Far from being too simple, it is the primary method of money creation in modern economies.

> The regulators that regulate, and in particular control reserve ratios (complex calculations that banks have to make about the relationships between their various assets) and base interest rates are the real creators of money.

Simply setting rates does not create money. It can influence it, but it is not the ultimate cause. Lending is. Reserve banks can and do lend, but commercial banks are responsible for the majority of money creation.

You are suffering frome the twin delusions of simplicity and certainty

Money is fiendish complex and cannot be counted with a one dimensional model

You are deceiving yourself that you understand