MMT: What Is Money And What Gives It Value?
What gives fiat money its value? Professor L. Randall Wray explains the Modern Money Theory view that "taxes drive money." If the issuing authority is able to impose an obligation on some portion of the population, then it will create a demand for that currency. Watch the whole video here: https://www.youtube.com/watch?v=i35uBVeNp6c Like Deficit Owls on Facebook: https://www.facebook.com/DeficitOwls/
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Money is a Real thing, it is a record of Economic Transactions, just like a Scoreboard is a record of Athletic Transactions. The Scoreboard cannot "run out" of Points, it creates them, Similarly the Fed cannot "run out" of Dollars because it creates the U.S. Dollar #MMT youtu.be/boHE_dR159k?...
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