That was my point. Physical bills are not debt - everything else is! Update for clarification - initial response was a bit flippant and not very well considere

That was my point. Physical bills are not debt - everything else is! Update for clarification - initial response was a bit flippant and not very well considered... Technically phyisical bills ARE debt (they are a liability of the central bank, after all) but they don't _behave_ like debt because they yield 0%.