What's iTulip's take on Monetary Circuit Theory (aka Circuitism)?

http://en.wikipedia.org/wiki/Monetary_circuit_theory

Monetary circuit theory is a heterodox theory of monetary economics, particularly money creation, often associated with the post-Keynesian school.[1] It holds that money is created endogenously by the banking sector, rather than exogenously by central bank lending. It is also called circuitism and the circulation approach.

[...] circuitism rejects, inter alia, the money multiplier, arguing that money is created by banks lending, which only then pulls in reserves from the central bank, rather than by re-lending money pushed in by the central bank.
My understanding is that iTulip follows the money multiplier model. Right?