In 2014 the study was published. Dr. Werner found a German bank that would lend him 200,000 euros and move it to his regular bank account in a different bank, and let several graduate students watch the bank's officers as the transaction was made to see exactly how the bank did it.
. . Long story short, the money was created, it was not moved from one account in the bank's books to the Dr.'s account. The bank didn't even check if they had enough money or reserves to make the loan.
Dr. Werner thinks this should settle once and for all the argument on this point.