alt Hacker News> which is what the fed signed up to backstop
No, it's not. M2 includes things like traveler's cheques and money-market funds.
Replies
hammock • yesterday at 5:27 PM
Ok how much did the fed sign up to backstop then? Surely it’s more than physical currency
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Traveler’s cheques? Who even sells them anymore. American Express was the biggest issuer and they stopped years ago.