Something surprising about money is that it has different qualities depending on its quantity and medium or storage.
And clearly cards are useful because they're widely accepted for small and large purchases. But the bank now has a liquidity on-off switch.
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That high utility item can become a low utility item at somebody else's command.
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When people normally think about this they normally think about sacrificing liquidity for (hopefully) high-yield investments, etc.
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@sebinsua also, one thing ppl don't necessarily know is that there's vastly more money in circulation than we have the capacity to print -
@sebinsua if we did somehow try to "cash out" just the whole US economy, one, physically there just aren't enough notes - 4 more replies
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