As long as everyone has confidence in Chase, yes, their accounts are money just like any other money. The difference arises when confidence fails - rare, but im

As long as everyone has confidence in Chase, yes, their accounts are money just like any other money. The difference arises when confidence fails - rare, but important for understanding the banking system. In this case, Chase can run out of money, but the Fed cannot, because they create money by different mechanisms. This is the distinction I'm trying to make.