Long ago the Bank of England, the model for virtually all central banks in the world today, was granted a monopoly on magic monopoly money – the power to conjure money from the very air and lend it out at interest. Today, the Bank plays more of a symbolic role as the regulator and overseer of the UK private banking system. The real power to create money has been transferred to private banks. Paper money has been replaced with electrons. When private banks make loans, they simply type numbers and enter them into electronic deposit accounts. These electrons function as 97% of the money in our economy.