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Fact Check: Large banks “rehypothecate” money meaning they loan out the same amount of money to multiple parties, thus increasing the money supply.

Fact Check: Large banks “rehypothecate” money meaning they loan out the same amount of money to multiple parties, thus increasing the money supply.

April 9, 2025•by TruthOrFake
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VERDICT
Mostly True

# The Claim: "Large banks 'rehypothecate' money meaning they loan out the same amount of money to multiple parties, thus increasing the money supply."...

The Claim: "Large banks 'rehypothecate' money meaning they loan out the same amount of money to multiple parties, thus increasing the money supply."

Introduction

The claim suggests that large banks engage in a practice known as rehypothecation, where they loan out the same amount of money to multiple parties, thereby increasing the overall money supply. This assertion raises questions about the mechanisms of banking, the nature of money creation, and the implications for financial stability.

What We Know

  1. Rehypothecation Defined: Rehypothecation refers to the practice where banks or financial institutions reuse collateral that has already been pledged for a loan to secure additional borrowing. This can lead to a situation where the same collateral is used multiple times, potentially increasing liquidity in the financial system 35.

  2. Money Creation: In traditional banking, banks operate under a fractional-reserve system, meaning they are required to keep only a fraction of deposits as reserves while lending out the remainder. This process can effectively increase the money supply, as loans create new deposits 10.

  3. Federal Reserve Insights: The Federal Reserve has discussed the implications of collateral reuse, indicating that rehypothecation can influence liquidity and risk in the financial system. Their analysis suggests that while rehypothecation can enhance liquidity, it also introduces complexities and potential vulnerabilities 24.

  4. Research on Banking Fragility: Recent academic work has explored the relationship between rehypothecation and banking fragility, suggesting that while it can provide liquidity benefits, it may also contribute to systemic risks if not managed properly 36.

Analysis

The claim that banks rehypothecate money to loan it out multiple times raises several points for scrutiny:

  • Source Reliability: The sources cited include academic papers, government publications, and reputable institutions like the Federal Reserve. For instance, the Federal Reserve's notes on collateral reuse provide a foundational understanding of how rehypothecation operates within the financial system 2. However, the complexity of the topic means that interpretations can vary, and not all sources may agree on the implications of rehypothecation.

  • Methodology Concerns: The methodologies used in studies examining rehypothecation often involve complex financial modeling and assumptions about market behavior. For example, the thesis by Andrew Fu discusses the potential impacts of rehypothecation on banking stability, but it is essential to consider the assumptions and limitations of such models 3.

  • Potential Conflicts of Interest: Some sources may have inherent biases. For instance, academic institutions may focus on theoretical implications, while financial institutions might emphasize practical benefits. It's crucial to assess whether the authors have any affiliations that could influence their perspectives.

  • Contradicting Views: While some sources argue that rehypothecation can enhance liquidity and efficiency in the banking system, others caution against its potential to exacerbate financial instability. The notion that rehypothecation directly increases the money supply is debated, as it may depend on broader economic conditions and regulatory frameworks 45.

Conclusion

Verdict: Mostly True

The claim that large banks rehypothecate money, allowing them to loan out the same amount to multiple parties and thereby potentially increasing the money supply, is mostly true. Evidence supports the notion that rehypothecation can enhance liquidity and facilitate the lending process within the banking system. The Federal Reserve and various academic studies indicate that while rehypothecation can lead to increased liquidity, it also carries risks that could affect financial stability.

However, it is important to note that the relationship between rehypothecation and money supply is complex and not universally agreed upon. The extent to which rehypothecation directly increases the money supply may depend on various factors, including regulatory frameworks and broader economic conditions. Additionally, the methodologies used in studies on this topic often involve assumptions that may not hold in all scenarios, which introduces a degree of uncertainty.

Readers are encouraged to critically evaluate the information presented and consider the nuances involved in discussions about banking practices and their implications for the economy.

Sources

  1. Banks Cannot And Do Not "Lend Out" Reserves. Harvard Kennedy School. Link
  2. The Fed - The Ins and Outs of Collateral Re-use. Federal Reserve. Link
  3. Rehypothecation and Banking Fragility. Amherst College. Link
  4. Liquidity Windfalls: The Consequences of Repo Rehypothecation. Federal Reserve. Link
  5. Rehypothecation and Intermediary Leverage - University of Pennsylvania. Link
  6. Shadow Banks and the Collateral Multiplier. UMass ScholarWorks. Link
  7. Repo Market Intermediation. Office of Financial Research. Link
  8. Csun. Link
  9. How Banks Create Money. Harper College. Link
  10. Fractional-reserve banking - Wikipedia. Link

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Fact Check: Not every migrant has a politician like Poilievre in their corner’ A member of Pierre Poilievre’s extended family has crossed through Roxham Road illegally to seek asylum in Canada from Venezuela.  Anaida Poilievre’s uncle, José Gerardo Galindo Prato, is the third from the right in the front row at the Conservative Party convention in Quebec City, September 9, 2023. The hypocrisy is overwhelming when you consider Poilievre’s stance on illegal border crossers and his blame of the liberal government. I am glad that he is here safe and sound. But what makes him special is that he’s able to live here in Canada undocumented with a deportation order and his name until Anaida Poilievre and an undisclosed MP’s office in 2021 and his efforts to get permanent residency. Article by The Breach In late July 2018, Pierre Poilievre took aim at “illegal border crossers.” “How much will it cost to house the illegal border crossers in hotels in the coming year?” he repeatedly asked during a parliamentary committee hearing, criticizing the Liberal government for helping shelter thousands of asylum seekers who had entered the country through Roxham Road in Quebec. “Who will pay for it?” Two months later, the Conservative leader’s own uncle-in-law crossed Roxham Road on foot. After failing to get his refugee claim approved, he appears to have lived undocumented in Canada with a deportation order in his name. According to documents obtained by The Breach, Poilievre’s relative—the uncle of his wife, Anaida Poilievre—received help from her and an undisclosed MP’s office in 2021 in his efforts to get permanent residency. He has since been seen attending Conservative events, as recently as 2023, according to photos examined by The Breach. Poilievre has said a Conservative government would “have the resources” to “track down” such individuals and deport them. “These are people who are not eligible to be here and we will find them and we will deport them,” Poilievre told a Montreal radio station in December. The Conservative leader has taken an increasingly hard line on asylum seekers entering Canada, calling to shut down Roxham Road, where tens of thousands crossed in recent years fleeing hardship or persecution. At his election campaign launch on Sunday, Poilievre said he would put a hard cap on immigration and take other measures. “We will keep out and deport criminals, stop fraud and crack down on bogus refugee claims,” he said. “On immigration, like everything else, we will put Canada First.” Refugee advocacy organizations say his position appears to be “his family first.” “It is deeply hypocritical that Poilievre has vilified migrants, blamed them for the housing and affordability crisis, and said he wants to deport undocumented people who are in the same situation his own family seemed to be in,” said Syed Hussan, the executive director of the Migrant Workers Alliance for Change. “If Poilievre’s family deserves to make a life here, so does everybody else’s.”‘Shut off the flow of false refugee claims’: Poilievre Anaida Poilievre’s uncle, Venezuelan lawyer José Gerardo Galindo Prato, had previously entered Canada in 2004 and lived without documentation until 2007, when he was deported by Canadian border agents. Back in Venezuela, Galindo Prato was convicted in 2017 of helping a drug trafficker escape from prison and served six months in prison, which he says was a trumped-up, false charge. In the fall of 2018, he flew to Miami, then to Pittsburgh, and later crossed at Roxham Road. The Breach obtained a draft copy of Galindo Prato’s written submission to Immigration Canada from early 2021, applying to stay on humanitarian and compassionate grounds, which Anaida Poilievre helped him prepare. At this stage of the asylum process, he would have already failed his refugee application and been served with a deportation order, according to an immigration lawyer The Breach consulted. According to email and Facebook correspondence seen by The Breach, Anaida Poilievre organized the drafting and mailing of the submission with assistance from a parliamentarian. 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But I have no time for people who lie to come into our country, and that is the problem we have to cut off.”‘Not every migrant has a politician like Poilievre in their corner’ Refugees who try to enter Canada at official border crossings are turned back, because of an agreement with the United States that suggests they are safe in Canada’s southern neighbour. So thousands of people like Galindo Prato have crossed into the country at unofficial entry points like Roxham Road, after which they are able to make a claim for asylum. There is no guarantee that they will be able to stay—tens of thousands of refugees have been deported by the Liberal government in recent years. 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The Liberals had pledged in late 2021 to “explore ways of regularizing status for undocumented workers who are contributing to Canadian communities.” But in the wake of increasing anti-immigrant rhetoric and the Conservative Party’s surge in the polls, the government backtracked on their promise for a “broad and comprehensive program.” By contrast, Poilievre has promised to more vigorously pursue deportations, especially of people—just like his uncle-in-law—who have had their initial refugee claims rejected. “We know that there are 30,000 people who’ve been ordered deported that have not left,” Poilievre said in December. “Trudeau has lost control of immigration. I will take back control. First of all, we will track down the 30,000 people who’ve been ordered deported, and I will have them deported from this country.” Two years ago, Poilievre described the Roxham Road crossing as one of Prime Minister Justin Trudeau’s great failures. “Nowhere is that chaos more evident then at Roxham road where Trudeau encouraged people to cross illegally into Canada,” Poilievere said. “We need more immigrants but we need to have it done in an orderly and lawful fashion.” In 2023, the Liberal government closed Roxham Road permanently. Poilievre has increasingly blamed Canada’s crises on immigrants and migrants, saying last fall that “radical, uncontrolled immigration and policies related to it are partly to blame for joblessness, housing and healthcare crisis.” In his submission to Immigration Canada, Galindo Prato writes that he was detained without trial after making allegations about corruption within the Venezuelan government. 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