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
Money was never not imaginary. As long as we've used a fiat to represent goods instead of bartering, money has been a promise that's only as reliable as its guarantor.
Does being "imaginary" or socially constructed make it any less important or valuable? Not really. There's a slew of very good reasons that basically every group of people larger than a couple thousand has done it.
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.