You are so very wrong. The Fed does NOT have the cash, nobody does.
It exists only in the banking system itself with no tangible assets to back it up, we don’t have the actual cash to cover even 10% of deposits.
Have you heard of a federal reserve? Yes your bank doesn’t have your money, but someone does. Your money someone else has is insured by the federal reserve so bank runs don’t happen. You’re talking about an economy that existed 100 years ago.
Mulligrubs@lemmy.world 1 hour ago
krisevol@lemmus.org 56 minutes ago
You clearly didn’t know how money works