Checks and credit The US hasn’t been backed by hard currency since the mid-60s. Once we moved off the gold standard, it all became Fiat based on exchange rates
A paper check is not cash. A credit score is not cash. Physical backed up currency in your hand is cash. And I don’t think you can get cash anymore. Only Fiat
if you define cash to exclude any cash instruments except coins and bills, then I guess you are entitled to your own reality. for everyone else, checks will still be cash
By that logic bank notes are not cash, only coins are cash.
Look at a bank note and read what it says: " I promise to pay the bearer on demand the sum of five/ten/twenty/fifty pounds" the the signature of the governer of the Bank of England (or whichever Scottish bank issued it). They’re literally promissory notes in lieu of cash.
I seem to have gotten the beginning of the process and the final cutoff date. Confused. That would be the cutoff date, not when they started to restrict the ability to convert
Checks and credit The US hasn’t been backed by hard currency since the mid-60s. Once we moved off the gold standard, it all became Fiat based on exchange rates
So you don’t actually understand what the phrase “cash is king” really means.
A paper check is not cash. A credit score is not cash. Physical backed up currency in your hand is cash. And I don’t think you can get cash anymore. Only Fiat
And guess what cash doesn’t need to actually work, unlike credit, checks and crypto.
An economy?
All four of them require that.
paper checks are cash
No
wrong
Cash is cash, as in paper or coin money.
Checks are not cash, they are paper that represents money, generally issued by banks.
Checks are not cash.
if you define cash to exclude any cash instruments except coins and bills, then I guess you are entitled to your own reality. for everyone else, checks will still be cash
You have that backwards.
Everyone except for you knows that checks aren’t cash.
By that logic bank notes are not cash, only coins are cash.
Look at a bank note and read what it says: " I promise to pay the bearer on demand the sum of five/ten/twenty/fifty pounds" the the signature of the governer of the Bank of England (or whichever Scottish bank issued it). They’re literally promissory notes in lieu of cash.
Do you call your bank notes checks? I was explicitly disputing checks.
We have paper money that is cash. Sounds like you don’t have that, but that doesn’t mean checks are cash.
If by mid-60s you mean 1971…?
I seem to have gotten the beginning of the process and the final cutoff date. Confused. That would be the cutoff date, not when they started to restrict the ability to convert