4 ms·
That's exactly what I was thinking upon reading the article. When talking about billions of dollars of deficits or stimuli, it's not cash or even gold equivalen
by Samuel_Michon 16y ago
That's exactly what I was thinking upon reading the article. When talking about billions of dollars of deficits or stimuli, it's not cash or even gold equivalent we're talking about. It's virtual, based on a gentleman's agreement between banks. Most of the money is created by banks, when people like you and me come to them for a loan or a mortgage.
So the conclusion of the article is false:
"the next time you hear someone toss around the phrase "trillion dollars"... [1.5 acres of double-stacked pallets of $100 dollar bills] is what they're talking about."