> They are cash and cash-equivalents. Meaning, the same. > Many large business transactions are done using t-bonds. The amount of dollars in the economy is sur

> They are cash and cash-equivalents. Meaning, the same. > Many large business transactions are done using t-bonds. The amount of dollars in the economy is surprisingly small, thus, at some price point, it becomes necessarily to pay in t-bonds. Then they are not the same. You admit they are not the same, then deny they are not the same. If they were the same they would be called the same, and would be the same. They can be equivalent and they are used similarly, just as a house can be used as "cash-equivalent" under certain circumstances. But they are different instruments that allow different (and some similar) uses.