Subway tokens are legal tender for a ride.
They are backed by unused seats and standing room on the trains they promise to run. Bill does not see deficits as additions to the national debt. Forgetting all the above, Wray argues for full employment and avoidance of surpluses. But we may get there without deficits. The wealth is backed by popular disdain for money as savings and love instead for stocks, bonds and real estate as savings.