Before revision:  We  argue that the interaction of these two problems has led to unregulated growth in both the money and loan supplies, and to a dangerously destabilising imbalance between total money and loan supply growth, in that total lending  from the commercial bank sector has increased at a faster rate than the accompanying money supply growth supporting it .
After revision:  We argue that the interaction of these two problems has led to unregulated growth in both the money and loan supplies, and to a dangerously destabilising imbalance between total money and loan supply growth, in that total lending from the commercial bank sector has increased at a faster rate than accompanying growth in the money supply. This not only created a multi-decade macro-economic debt spiral, but by increasing the ratio of debt to money within the monetary system acted to increase the risk of loan defaults, and consequentially reduce the overall stability of the banking system .