BANK TREASURERS AND THE MONEY FACTORY

BTN with Ethan Heisler · Oct 26, 2026 · 1h 2m

Willy Wonka Bars ultimately come from trees. But money doesn’t grow on trees—it comes from thin air. Through deficit spending, the U.S. Treasury has created so much money that stacking the national debt in $1,000 bills would nearly reach the moon. A bank is a money machine, too, with every loan it makes, which banks say will continue thanks to AI. OCC-permitted stablecoins may count as cash equivalents under FASB, but they aren’t traditional banks because they don’t extend credit. Whether they qualify as HQLA remains unresolved.

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