MMT: Difference Between Currency Issuer and a Currency User
Warren Mosler, one of the founders of Modern Monetary Theory, on the difference between a currency issuer and currency users. Currency users must collect the currency before they can spend it, while currency issuers must issue the currency before they can collect it.
This is even true under a gold standard or other fixed-exchange rate, except in those scenarios the amounts that can be spent or collected are more constrained.
See the whole video here: • MMT vs. Austrian School Debate
Like Deficit Owls on Facebook: / deficitowls