Perhaps we could look at it this way (or not)...
#11
It does and it doesn't... on a very micro level it does, on the grander scale it doesn't. However in the micro model the ability for individuals to acrue wealth and spend it will justify the need/ or lack of need for credit.... in which if there is a "liquidity trap" (I don't believe that to be the case anymore), then physical currency would really have significance going back to the demand-purchase side of things.