Today, anything from tomato plants to pornographic videotapes to home mortgages can be had on the Internet. And those with something to sell are still catching up to individuals who want to buy. True, electronic commerce deals in money, but only in virtual bills and coins. A lot of people today have their pay automatically deposited in the bank electronically. Then they charge products electronically.
Money goes in and out of accounts electronically.
About 10 percent of our money is actually in cash. And all the rest is in accounts obtainable by electronic means. So, no more English pound, Hungarian forint, Spanish peseta, Japanese yen, Korean won, Sri Lankan rupee, Angolan new kwanza, Bhutanese ngultrum, Djiboutian franc, Malaysian ringgit, Vietnamese dong. No coins, no cash. Not so fast, said Davies.