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- #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 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