9  Kevin Warsh (2009), "The Panic of 2008," speech delivered at the Council of Institutional Investors 2009 Spring Meeting, Washington, April 6. BIS Review 75/2009  3  As I mentioned at the outset, stability, in the sense of lower macroeconomic volatility, is a fine objective, but it is not a final one.
This is because many regard cash as the most dependable form of money, particularly during a natural disaster or even less traumatic outages (and we all have collective experiences that bears this out). Cash provides choice, autonomy, and agency for all, and for some it is the only form of money they have or can use.