I have often commented on the sad reality that there are not enough real dollars to back up the amount of dollar credits in the global financial system.
It might therefore be of interest to read the following article in TheGuardian:
"Right now, this electronic money makes up over 97% of all the money in the economy. Only 3% of money is still in that old-fashioned form of real cash that can be touched."
I suspect the numbers are just as bad worldwide. Sadly the writer does not realize the larger problem: should large numbers of people suddenly want their share of these credits transferred into physical form, there may be a worldwide banking squeeze.
Yet another warning to have some cash on hand just in case.
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