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<p>[QUOTE=&quot;InfleXion, post: 1307276, member: 29012&quot;]Let me see if I have this straight. Treasuries are US denominated debt and contribute to the overall amount of dollars in circulation, just as FRNs do, but both are proxies for the actual money? If this were not the case, why then call them notes? It would seem that neither of these mediums account for the total number of dollars in circulation since bank account balances exceed the amount of FRNs in existence to my knowledge, and bank accounts are not denominated in Treasury notes (bonds). So it would seem there are other dollars that are unaccounted for by either of these. </p><p><br /></p><p>My question would be how to appropriately label these dollars that just float around in cyberspace without a FRN or bond representation. Are they simply &#039;US Dollars&#039; without the &#039;note&#039; attachment? It seems that these are still notes since they are not any different than a FRN from a functional standpoint, but if that&#039;s the case are they not FRNs? Yet if FRNs have to be paper, these are something else, but what?[/QUOTE]</p><p><br /></p>

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