Re:Follow the money: Apple vs. the FBI
by thaumasiotes on Tuesday March 29, 2016 @05:05AM
(#11380316)
> even though $170 is in play, nobody can actually go and get $170 dollars
This is running the bank. As long as everyone uses a bank account, it's not a problem. If the depositors all try to withdraw their money in cash, the bank will be immediately destroyed, because it doesn't have the cash.
As explained in It's a Wonderful Life:
> You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's house...right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and a hundred others. Why, you're lending them the money to build, and then, they're going to pay it back to you as best they can.
A lot of work gets done without cashing out the money banks create.
What are the properties of "money", as conceived of by you, that "credit" does not share?
This is running the bank. As long as everyone uses a bank account, it's not a problem. If the depositors all try to withdraw their money in cash, the bank will be immediately destroyed, because it doesn't have the cash.
As explained in It's a Wonderful Life:
> You're thinking of this place all wrong. As if I had the money back in a safe. The money's not here. Your money's in Joe's house...right next to yours. And in the Kennedy house, and Mrs. Macklin's house, and a hundred others. Why, you're lending them the money to build, and then, they're going to pay it back to you as best they can.
A lot of work gets done without cashing out the money banks create.
What are the properties of "money", as conceived of by you, that "credit" does not share?