Let me explain. I get paid via direct deposit; I never actually see a check, much less actual cash. I then turn around and electronically send much of that money to companies so I can pay my bills. No actual cash ever changes hands. So, is that money actually real? I guess my question is: with all of the electronic banking that occurs today, how much of that can actually be turned into cash? Is there actually a bill or a coin out there somewhere that represents every cent in every person's bank account? Or are we simply trading on principle now?
2006-06-13
08:48:15
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6 answers
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asked by
aldera22
3
in
Business & Finance
➔ Other - Business & Finance
Ogplayh: that makes good sense, but is there enough money in the reserves for every dollar in every account?
2006-06-15
08:11:12 ·
update #1