Borrowed Reserves And Tin-Foil Hats

``There is indeed such a thing as a banking system being short of reserves. In addition, the Fed does not have absolute control over supply of reserves... the Fed does not hand out reserves willy-nilly. It lends them, but only if banks have sufficient collateral. Furthermore lending is not "printing". Thus Glassman, the senior U.S. economist at JPMorgan Chase & Co. really needs an education here... In this case, it is Glassman, senior U.S. economist at JPMorgan (and anyone else who believes reserves will be printed into existence) who are wearing the Tin-Foil hats.''