> Second and most important: currencies are not supposed to be held. Currencies are supposed to facilitate trading, investment and consequently economic activit

> Second and most important: currencies are not supposed to be held. Currencies are supposed to facilitate trading, investment and consequently economic activity. I feel like that's a bit contradictory. Holding currency is a significant part of facilitating real economic activity. People putting money into an emergency fund to be ready when for expected repairs, or saving for a major purchase, are most certainly facilitating trading and consumption, on a longer time scale. It almost makes sense in a back-of-an-envelope economic model: if you had infinite free credit, then "save up and buy in 3 months" is functionally equivalent to "buy now and pay it off in 3 months".