>Imagine that a new bank opens in a new country, and imagine that it produces a currency that we will call shillings. Now imagine that this bank then attracts ten customers, all of whom wish to borrow ten shillings. The bank charges interest at 10%, so that everyone has to return 11 shillings to the bank. But how can these ten people all return 11 shillings when they not only don't have that amount, but there isn't even enough money in existence? The debtors will have to find a way to get the extra money from each other. Competition, therefore, suddenly becomes necessary. Should one debtor have all his money taken from him by the rest, then nine people will be able to return the 11 shillings to the bank, while the losing debtor will have no option but to borrow more money from the bank. More money is thus created, and the economy grows.^[Higgs, John. The KLF: Chaos, Magic and the Band Who Burned a Million Pounds, 2013.]