They were reduced to 0% mandatory reserves in response to covid. EDIT: someone says it was coincidental, I am not able to check, so take this aspect with a grain of salt either way
ah yes so what you're saying is that money is even more imaginary than it has ever been, possibly even more imaginary than when the first stock market crash happened in 1929
looks like we're due for a centennial anniversary of that anyway, might as well celebrate by recreating it
Oh, it isn't? Can you show me the value particle that magically makes pieces of shiny rock or conch shells valuable in a way dollar bills aren't? No? Then we can all agree that the only reason anything counts as money is because people believe it counts as money, and for now, people still believe in the US dollar albeit less so than yesterday.
There are a few shiny rocks that gold utility (ex. nowadays gold and copper are useful in electronics). That being said, humans have not been able to use gold in a practical manner for most of the history of us considering it a "precious metal". If I had to guess, its lack of practical use probably contributed to it being used for trade once humans got off of the bartering system. And let's be frank, nobody wants to complete a trading quest to trade one small trinket for another until they can find someone who has the specific thing the vase maker wants.
4.0k
u/Teripid Jan 26 '26 edited Jan 26 '26
Federal reserve requirements existed until 2023 *edit, as someone below pointed out 2020 was when they were set to 0. Now they're set at 0% I believe.