Isn't it just a bit of paper, or electronic equivalent, sitting around? It doesn't do anything. I JPMorgan "invested it", then it would just be sitting around s

Isn't it just a bit of paper, or electronic equivalent, sitting around? It doesn't do anything. I JPMorgan "invested it", then it would just be sitting around somewhere else, since the total amount of cash in the system is controlled by the Federal Reserve or Treasury.