> This is going to sound weird but even if it was actual coins (say) would that make the whole thing any more "real"? Yes, because then there would be a physic

> This is going to sound weird but even if it was actual coins (say) would that make the whole thing any more "real"? Yes, because then there would be a physical limit on what banks can do. They would have to invent cloning machines or alchemy or whatever to do what they currently do. In other words, it would force bank to actually do the model most people (including the author) have in their heads, namely a bank stores cash and lends it out (called fractional reserve banking). In reality, without any such physical constraints, the banks are essentially free to "create" money out of thin air by issuing loans. That's how the money supply became 99% "bank money" and only ~1% physical money.