> I don't necessarily think it's efficient for businesses to keep cash on hand for weathering events of a magnitude that have literally never happened in the h

> I don't necessarily think it's efficient for businesses to keep cash on hand for weathering events of a magnitude that have literally never happened in the history of their industry. It is not "cash". It is "cash and cash equivalents" i.e. short term highly liquid securities such as money market funds, or super short term government debt. No sane CFO keeps cash in DDA accounts in excess of the immediate need if it falls outside the FDIC coverage limits.