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Part 1 - What Is Money and How To Think About It
Money For the Rest of Us
Cash Is a Non Interest Bearing Liability of the Central Bank
Inflation has been very low in japan for decades. And so individuals don't feel like their moneys losing value if holding it in cash. With private money, there is the potential for default and bank runs. We should just be able to accept money with no questions asked - that's what makes it stable.
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