Dear ABSA

Dear ABSA, can you please explain in layman’s terms what Adair Turner, the head of the Financial Services Authority in the UK, meant when he said that the South African Banks produce money from nothing in a speech to the South African Reserve Bank on the 2nd of November 2012? And how this contributed to the financial crisis the world finds it in? http://www.positivemoney.org/2012/11/adair-turner-the-clearest-explanation-of-the-cause-of-financial-crisis/