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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So you are saying the commerical banks are running the show?
They are and have been for decades.
The international banking conglomerate operates far outside the reach of governments. It established a system of money based upon Ledger technology in the 1950s and still run it today.
On top of that, in a credit based monetary system, the money supply expands when commercial banks lend. That is how we get the "creating money out of thin air".
Now we are looking at eliminating the bankers from the equation.
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