The Federal Reserve , via the largely passive issuance of currency: the issuance of Federal Reserve notes, created when the public chooses to redeem their on-demand bank-issued deposit liabilities for currency.

FORBES: Monetary Watch April 2011, the Austrian take

The fact is even in the depths of a recession a banking system flush with excess reserves is always in a position to pyramid up its deposit liabilities, to create Uncovered Money Substitutes, regardless of the demand for loans.

FORBES: Monetary Watch December 2010: The Money Supply, a triple from here?