Question about credits versus actual money?
Since many people have direct depost and most folks use credit/debit cards how does that compare with actual printed money.I mean is there as much actual printed money out threre as there is little digital blips in a computer because in reality most of us really don't have money we have number amounts in a computer.If we all wanted to turn in our computer blips for cash could the Rothschild Fed pay us?If they can't then we had better rethink the Federal Reserve.
We should all invest in gold.
- Steve DLv 77 years agoFavorite Answer
Of course you can turn your electronic cash into hard cash - you just walk into the bank where your account is and ask to close the account and withdraw the money. And your money is not held by the Fed, it is held by your bank - some in reserves and some in assets. If we all walked into our bank and asked to close and withdraw, you would see a repeat of the Great Depression since the bank would first have to tell you to wait your 30 or 60 days, and then you would see a whole bunch of bank failures (your money is insured by the government btw) since the banks would have to call a whole bunch of loans and mortgages in order to service all the withdrawal requests - and most people cannot afford to pay off a mortgage or car loan in the next thirty days (if they could, they would have just paid cash for the house or car).
None of this has anything to do with the Federal Reserve.