There is no money multiplier because the mainstream-economics modelled process by which banks successively loan out deposits thereby multiplying them does not actually happen in that way, ever, anywhere.

The table below displays the mainstream economics relending model of how loans are funded and how the money supply is affected. It also shows how central bank money is used to create commercial bank money from an initial deposit of $100 of central bank money. In the example, the initial deposit is lent out 10 times with a fractional-reserve rate of 20% to ultimately create $400 of commercial bank money. Each successive bank involved in this process creates new commercial bank money on a diminishing portion of the original deposit of central bank money. This is because banks only lend out a portion of the central bank money deposited, in order to fulfill reserve requirements and to ensure that they always have enough reserves on hand to meet normal transaction demands.

That's what

There is no money multiplier. There is only interest rate, margin requirement and the volume of creditworthy customers. Those are the operational constraints - the "money multiplier" is an ex post accounting construct

means.

Economics is politics by other means