Remus Loc: Norfolk, UK

I have 1,000 in the bank. You ask my bank for a 1,000 loan. The bank agrees. Does my account go down by 1,000? No! Does anyone's account go down by 1,000? No! Do lots of accounts go down by a little, the total equalling 1,000? No! But your account now has 1,000 in it. Where did it come from? Answer, it was invented, it doesn't exist. Time was when the money in your pocket, or bank account, was backed up by a piece of gold. But those days are way in the past. There is now only enough gold to cover around 3% of the money in the world. My point is that, while we should all be concerned for our own personal finances, on a national and global level money is pretty meaningless. When presidents talk of being trillions in debt, it's just paperwork - and paper can be screwed up and chucked in the wastebasket. So, as long as my family are fed, clothed and sheltered, I have no money worries. How about you?

kemo Loc: Tampa, FL

Precisely. All the zeros become meaningless when you think about it. If I owe you 50 billion dollars am I worse off if I make it 51 billion ? It's all on faith anyway.

SpeedyWilson Loc: Upstate South Carolina

I need to add a few more zeros to my account.

Wellhiem Loc: Sunny England.

My parents always used to try to teach me "the value of money". I always told them that money has no intrinsic value, it's only worth what you can buy with it. The cost of a loaf of bread may go up but it's still just a loaf of bread, it's value hasn't increased.

travelwp Loc: New Jersey

Let's say you ran up a $3000 credit card bill and paid $1000 with your bank account, you still owe $2000. Since you can't print $2000 in your cellar, the bank will come after you until your bill is paid.

Let's say we owe China $5 trillion and don't pay it. Since we buy most everything from China, they are not coming after us; however, our reputation in the world is dropping because we continue to print money, which devalues our dollar. If another currency is adopted as the worlds standard currency, our way of life financially will be abruptly changed.

DennisK Loc: Pickle City,Illinois

IF this happens(and I fully think it will at least be tried),we are looking at the beginning of a prophecy being fulfilled.

RichieC Loc: Adirondacks

You don't have $1,000 in an physical account... that would be a safe deposit box... if everyone put their money in a safe deposit box, then the bank would go out of business. Your money would not be available for anybody else to use. When you need a loan- all they have to go on is if they trust you will pay it back... are you good for it? So you are really a partner in all of it. Everybody is betting you'll do your part in working and repaying, or depositing, and you in turn rely on them.

However, cash is an illusion. It's worth is what people trust it will be worth when they trade with it. Why US currency is used in far flung countries, by people who can't read English or who have not a clue who Lincoln, Jackson, or Washington were. If we print too much of it, or give it away too freely, then this trust begins to shift. It isn;t "worth" as much.

China is so corrupt, I don't think their currency will ever take over- it would be too volatile. I know a guy who does a lot of manufacturing over there, and he's had banks he sent money to, disappear- with his money. He does not have much trust in them. They prop their money up by being willing to buy it back with more dollars/pounds then it is worth. Keeps their people poor but their goods cheap and they get the taxes/tarrifs from the transactions.

No bank, anywhere, could cover all the deposits if one day everyone showed up wanting their cut back.

Pepper Loc: Planet Earth Country USA

You are of course absolutely correct when you say money has no value today so feel free to send me yours.

Wellhiem Loc: Sunny England.

I'm not sure who you're replying to, but if it was me I said "money has no intrinsic value".

Crwiwy Loc: Devon UK

This started hundreds of years ago when people started keeping their money with the jewler who became the equivalent of a bank and the equivalent of paper money came into being.

pyrator Loc: Newcastle Upon Tyne, UK

If you owe your bank $1,000 it's your problem. If you owe them $1,000,000,000 its their's as well.