Not a "THING" |
The next thing people do when I say this is show me a Dollar Bill and show me "This note is legal tender for all debts public and private". That means it is Money. It isn't. It is a Federal Reserve "NOTE" That would be a promissory note .
It is a promise that the Federal Reserve Bank is holding electronic [virtual] money in an Asset account to cover the printed value . When the holder deposits it into a Bank account the money is transferred to that account as electronic numbers. A Federal Reserved Note[and coins] has the same function as a check or debit card or an on-line-transfer has. It moves money. It is not Money itself. All Fiat money in existence, exist only as digital numbers on bank computers. It can be found no where else.