In aggregate no. Why? Because the people who withdraw it pretty quickly pay it to someone else, and that someone else deposits it just as quickly. Very few people want to have north of $10,000 in cash on hand. So sure when I buy a house in SoCal for $2.4 million I withdraw that loan about as soon as it's created, but the prior owner of the house I just bought is going to deposit that check drawing on that newly created loan as fast as he possibly can.