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The War on Cash with Brett Scott

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CHAPTER

Banks as Cloak Room

Many people still have this idea that banks are something like a cloak room. This is a very misleading way of thinking about the banking system. When you go and hand over cash to a bank they're not storing your cash for you. They are going to take your cash and issue you digital chips instead. And so if you bank with, for example, bank of america or something like that, they are ging to issue you bank of America chips. So actually there's two different forms of money. There is the cash system, which is like what you handed in to get that, and then there's hi digital chip system.

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