Earlier quoted context omitted.
I agree with your assertion, however: > that permission can be revoked instantly, silently, and invisibly at any time This can happen with cash too, as 99% of Indians found out to their utter dismay on 8 November 2016!! [1]. Granted that this is a Black Swan event [2] and the revocation was done publicly. However, as someone who lived through this and experienced it first hand, I stopped trusting cash from that day o…
> However, as someone who lived through this and experienced it first hand, I stopped trusting cash from that day onwards. I carry just enough with me to get by for couple of days. I suppose you leave the rest in a bank account. That won't help if all bank accounts are frozen, as I lived through in the early 90s here in Brazil (we called it "Confisco da Poupança", see https://pt.wikipedia.org/wiki/Plano_Collor#Medida…
In stable countries with a functional rule of law however, bank credit is seriously inferior to cash for all purposes except convenience and security.