Mr Chalkley makes it hard not to See...

.... Chapter 3
Where Does Money Come From?

To further study control and maintenance of the economy through control of the Circulating Money, we need to ascertain where money comes from. I have used various ways to explain the origin of new money and found that the easiest to understand is a look at the 2015 figures from the Reserve Bank of Australia. To date, the Reserve Bank of Australia has created $67 billion in Cash Currency [Reserve Bank of Australia.]. This is the folding notes that one finds in one’s wallet. This $67 billion is the total of all Legal Tender Cash Currency created by the Reserve Bank. However, the Reserve Bank lists the total money in Australia (M3) to be ~$1760 billion. This clearly did not come from the Reserve Bank. The Reserve Bank has created a total of $67 billion in Cash Currency, yet they list the total Money Supply as ~$1760 billion. It came from, other than the Reserve Bank. This ~$1700 billion appears in bank accounts but did not come from the Reserve Bank. From where did this money come? More in a moment. The next surprising figure is the sum of government debt and private debt. When I add the total Government Debt to the Private Debt (house mortgages, car loans, credit card debt, etc.), the total debt equals $5400 billion. [7] Australia has more debt than money. The volume of debt exceeds the volume of money by a factor of three. I originally thought that I had made a gross error, so I checked in numerous ways, but could find no error. I developed various models to demonstrate that it was possible to have ‘more debt than money’. To confirm my findings for Australia, I checked the figures for other countries. Europe has debt exceeding money by a factor of about 2.6. Greece is about three. The UK is about 2.6. The USA is above three. When the figures are added for all countries for which figures are available, we arrive at a worldwide figure of two times as much debt as money. There is twice as much debt in the world as there is money. I give you the following graphs:

Chapter 4
From Where Does Our Government Get Money?

The government of the nation has the authority to create the money of the nation. One might assume that the government would create the money of the nation in the treasury. In Australia, the treasury only creates the coin component of the Money Supply. The central bank creates the cash currency notes in circulation. The 2015 figures from the Reserve Bank of Australia show that the Reserve Bank has created a total of $67 billion. [3] This is the sum total of all the cash currency notes that it has created. This is only 3.5% of the Money Supply of the nation. The Money Supply, listed as M3, equals $1760 billion. [2015] [3] The government, itself does not use cash currency in any of its transactions. The Reserve Bank creates cash currency which is trucked to bank agencies around the country to fill ATMs and teller drawers. The government uses bank accounts to pay its bills and receive taxation. Thus the government operates in the virtual world of bank credit. Before the government can start its spending, it has to top up its bank accounts with virtual bank credit. It could create a few one billion dollar coins and take them to their bank branch, but it does not do so. Some might call this the ‘trillion dollar coin solution’. It could get the central bank to create a few billion dollar notes, but it does not do so. To obtain credit in its bank accounts, the government treasury issues something very similar to a banknote. These are called bonds (securities or gilts). I drew this picture to represent a government bond. The image represents a bond for one million dollars. This bond is printed paper and is purchased by a buyer who credits a government bank account with one million dollars of bank credit. One million dollars of bank credit is transferred from the purchaser’s account to a government account. The purchaser’s bank account falls by one million dollars and the government account rises by one million dollars. The coupons at the foot of the bond certificate represent the periodic interest payments. By this means, the government obtains bank credit that it uses to finance its operations. Gone are the days when the government creates the money needed to operate the nation. The government borrows bank created bank credit by issuing IOUs called bonds. The government borrows pre-existing bank credit. Government borrowing though bond issue does not increase the Money Supply.
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