So basically all the “money” in the banks are just numbers on the screen.What would happened
If everyone withdrew all their “money” in paper at once?
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SWisGoingWoke · M
I don't see why this is a surprise...or a problem?
The financial economies of the world have been fiat for around 50 years, some longer than that. If I offered you $1000 for your hat, I bet you'd take it, even though "it's only paper".
Because you know you can swap that $1000 of "paper" for other stuff you want, like food and gasoline and rent. It all works the same whether we're swapping gold coins or silver nuggets or "promissory notes", aka "cash."
The financial economies of the world have been fiat for around 50 years, some longer than that. If I offered you $1000 for your hat, I bet you'd take it, even though "it's only paper".
Because you know you can swap that $1000 of "paper" for other stuff you want, like food and gasoline and rent. It all works the same whether we're swapping gold coins or silver nuggets or "promissory notes", aka "cash."