I understand that the Federal Reserve is issuing money in the form of deposits. Those deposits "are not cash but they are money: they can be used for payment (at which point they become somebody else's deposit) and they can be converted into cash on demand"

And then, my question is: when the history of the USA the authorities (government or FED or something else) issued such deposits instead of cash, for the first time? I have the same question for Europe.


Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.