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Not GP, but there are two senses in which I think it could be meant:

- Currency no longer has to be backed by some fraction of shiny objects,

- Banks do not need to arrange CB reserves before making loans -- they make loans and then secure the needed CB reserves.




That's still all fractional reserve banking.

Btw, in the US there's lots and lots of bank reserves: https://fred.stlouisfed.org/series/TOTRESNS




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