georgephillip
Diamond Member
- Thread starter
- #21
Are you making any distinction between money and currency?It could be argued that our debt isn't really capitalism- except that the fed gov't makes US Fed Reserve Notes Legal Tender- the Legal Tender is just "official" fake money. It's value is based solely on the fruit of producers of wealth output.
Currency can be thought of as a public monopoly capable of affecting levels of savings and unemployment; its value comes chiefly from its ability to satisfy taxation obligations.
https://bsahely.com/2018/09/25/mode...-opposing-concepts-of-authority-john-laurits/
![modern-money-mmt-circuit-modern-monetary-theory.jpg](https://i1.wp.com/bsahely.com/wp-content/uploads/2018/09/modern-money-mmt-circuit-modern-monetary-theory.jpg?resize=800%2C600&ssl=1)
"Modern Monetary Theory or Modern Money Theory (MMT) is a heterodox[1][2][3][4][5][6] macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires."
Modern Monetary Theory - Wikipedia