Banks have been a part of our society for so longthat we have forgotten what exactly they do. Wethink of them as bastions of security and stability. They hate Bitcoin because of it’s inherent instability, right? Wrong. There is more to this than meets the eye.Get exclusive analysis of bitcoin and learn from our trading tutorials. JoinHacked.comfor just$39 now.Economists are now asking the question:Do we need banks?The answers they are coming up with is somewhat surprising. There is a misunderstanding out there, of the role of banks today and, in particular, where all the money they loan out, comes from. TheBank of Englandrecently published a paper calledMoney Creationin the Modern Economythat shows Banks are, infact, not in the business of being an intermediarybetween people who have surplus of money and people who have a shortage of money (e.i. depositors and borrowers). A bank is, rather, in the business of creating money