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Thought experiment: Assume physical fiat no longer exists.
Then whose money is it when only banks and other depository institutions may have account balances at the central bank, the only other form in which fiat exists?
It'll be the People's Money only when all citizens, their businesses, local governments, etc. may have accounts at their central bank and not before.
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It's The People's Money
Thought experiment: Assume physical fiat no longer exists.
Then whose money is it when only banks and other depository institutions may have account balances at the central bank, the only other form in which fiat exists?
It'll be the People's Money only when all citizens, their businesses, local governments, etc. may have accounts at their central bank and not before.
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