"It is always a temptation to a rich and lazy nation, To puff and look important and to say:- 'Though we know we should defeat you, we have not the time to meet you, We will therefore pay you cash to go away.'"

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At the base of the Fed pyramid, and therefore of the bank system's creation of "money" in the sense of deposits, is the Fed's power to print legal tender money. But the Fed tries its best not to print cash but rather to "print" or create demand deposits, checking deposits, out of thin air, since its demand deposits constitute the reserves on top of which the commercial banks can pyramid a multiple creation of bank deposits, or "checkbook money."

— Murray Rothbard