Liquidity in the financial system is achieved by an elastic supply of the global settlement asset, USD, and an elastic supply of various private monies below the settlement layer, typically in the form of bank deposits, bonds, and derivatives, such as swaps, in various currencies (EUR, GBP, JPY, etc).  This financial system operates in the simplest sense as follows:    The primary creators of money are account holders at the central bank, namely commercial banks. These allocators