Assuming that both claims are valid and perfectly reliable, neither of these scenarios increases the amount of money available for use in trade.
I assume your questions refer to some motivational effect, where the existence of a system prompts more people to find assets to bail into that system, or something along those lines, am I right?
In short, you are right, P.
I simply DON;T KNOW if - yes, surprisingly - EVEN JUST warehouse receipts expands the money multiplier.
It could well do ! Perhaps indirectly, by enabling other transactions that multiply the money supply.
It's surprising the sort of "sneaky" things that multiply the money supply. For instance merely ordinary salary slaves** working, and being paid on Friday for that previous week multiplies money as you're sort of getting all this implicit credit.
I simply don't know. But what you're saying is true, there is exactly zero "fractional reserve like" multiplication of money with warehouse receipts. That is perfectly true.
-- Patrick
**I use this politically incorrect phrase since if it convinces even one person to stop being a salary slave, that rocks :)
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