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MMT in Small Bits

The sovereign government monopolizes the issuance of currency. 

If the coins and dollar bills in your pocket don't come from government, they're counterfeit.  

This has profound implications for economics.


"Look at a dollar bill, and you will see the signatures of its creators: not taxpayers, but the public officials who let the taxpayers hold it in the first place." 



The sovereign government spends currency first and then collects taxes in currency later.


Taxpayers must obtain the sovereign government's currency in order to pay taxes.



"......if taxpayers pay their taxes using currency, then government must first spend before taxes can be paid. Again, all of this was obvious two hundred years ago when kings literally stamped coins in order to spend, and then received their own coins in tax payment."