Deficit Owls | Currency Is Simply A Tax Credit @deficitowls5296 | Uploaded April 2017 | Updated October 2024, 1 hour ago.
Warren Mosler, on with Steve Grumbine of Real Progressives, discussing the nature of money. One way to think of currency is as a tax-credit. A one dollar bill is an IOU, whereby the government promises to accept it to extinguish $1's worth of taxes owed. They are freely transferable tax-credits. (The fact that they can be used in the private markets for transactions doesn't discredit this. Tax credits will be valuable as long as people owe taxes, and so they will trade for their face value in private markets).
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Warren Mosler, on with Steve Grumbine of Real Progressives, discussing the nature of money. One way to think of currency is as a tax-credit. A one dollar bill is an IOU, whereby the government promises to accept it to extinguish $1's worth of taxes owed. They are freely transferable tax-credits. (The fact that they can be used in the private markets for transactions doesn't discredit this. Tax credits will be valuable as long as people owe taxes, and so they will trade for their face value in private markets).
Watch the whole video here: youtube.com/watch?v=1RJP52bwmcw
Follow Deficit Owls on Facebook and Twitter:
facebook.com/DeficitOwls
twitter.com/DeficitOwls
And follow our sister page, Modern Money Memes:
facebook.com/ModernMoneyMeme
twitter.com/ModernMoneyMeme
