Money in the U.S. is essentially debt of:

Name: Money in the U.S. is essentially debt of:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Money in the U.S. is essentially debt of the Federal Reserve System and the banks because the majority of money in circulation is created by banks when they make loans, and those loans are backed by the reserves held by the Federal Reserve. This means that money is essentially a debt that is owed by the borrower to the bank, which in turn owes a debt to the Federal Reserve.

Money in the U.S. Is Essentially Debt Of