Steve Keen says private banks created 92% of US money since 2000, citing Richard Vague

What was said

"He concluded that between 2000 and 2024, 92% of the money created was created by the private sector, only 8% by the government. And when you look between 1980 and 2000, 140% of the money created was by the private sector. So government money activities actually didn't create money, they destroyed it across that time period."

Keen cites research by former banker Richard Vague to argue that US money creation has been overwhelmingly driven by private bank lending rather than government deficits. He claims the government’s net contribution was small from 2000–2024 and negative across 1980–2000, due to bond-sale mechanics that drain deposits.