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This "money multiplier" model is not an accurate description of how money creation actually works in modern central banking.

Besides a minimum reserve requirement, banks also have liquidity and (risk-weighted) capital adequacy requirements, which are practically much more relevant.

The 2008 financial crisis was effectively caused by "laundering"/structuring the risk weights.

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I get what you're saying, but also I'm going to call BS on whatever liquidity testing banks need to do currently to satisfy the Fed. They're obviously not required to cover changing risks.

I think what's happening now is equivalent to 2008, it's just the underlying security was bonds and, in SVB's case, emerging equity. There were risks on all sides of the equation.

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