How did I miss the reserve requirement in the US going to zero in 2020? I was living overseas at the time, and I know I had more pressing things to consider, but still...

> In addition, banks in modern times have never had to wait for deposits to extend loans.

Are you referring to the discount window, the repo market, and interbank lending, or the fact that reserve requirements are typically averaged over a couple of weeks? In these cases, (as long as there's a reserve requirement), a person adding to a bank does still enable more lending, no? Or, are you saying that in modern times, even with non-zero reserve requirements, commercial banks usually operate with excess reserves, so reserves are not the limiting factor on lending?

This is what I read from the Bank of England:

> The reality of how money is created today differs from the description found in some economics textbooks

> Rather than banks receiving deposits when households save and then lending them out, bank lending creates deposits.

https://www.bankofengland.co.uk/-/media/boe/files/quarterly-...