thought experiment devised by economist Warren Mosler, one of the foremost proponents of Modern Monetary Theory (MMT, the theory built upon this understanding of money): Sometimes when Mosler is explaining money to an audience, he’ll hold up a handful of his business-cards and ask, “Who will stay after the lecture and help stack the chairs and mop the floor in exchange for one of my cards?” When no hands go up, Mosler adds, “What if I told you that there were gun-toting security guards at the all the exits, and they will only let you leave in exchange for one of my cards?” Every hand shoots up. Mosler has just turned his cards into money, through the creation of a non-discretionary door-tax. Now, Mosler didn’t need to get his business-cards from the audience before he could levy this tax. He is the sole supplier of his cards, and while the audience will treat them as money, Mosler won’t. Mosler doesn’t need business-cards – he needs people to help clean the lecture hall and stack the chairs. At the end of the night, when the security guards turn over all the collected cards to him, he doesn’t need them – he can’t pay for his airfare to the next lecture using his cards, or pay for his hotel room with them. Indeed, given how cheap business cards are to produce, he can just dump all those used cards in a shredder. When people say, “Government budgets aren’t like household budgets,” this is what they mean. Mosler isn’t a currency user in this thought-exper­iment, he’s a currency issuer. Mosler needs your work, not your “money.” He has all the money (Mosler’s business cards). You can’t get money (Mosler’s business cards), except from Mosler. When you pay your door-tax to Mosler’s armed agents, you aren’t giving him your money – you’re giving him his own money back.

But in ancient Mesopotamia, beginning around five thousand years ago, people used clay tokens to record transactions involving agricultural produce like barley or wool, or metals such as silver. Such tablets performed much the same function as a banknote. Often, through the centuries, traders have devised such tokens or bills without government involvement, especially at times when coins have been in short supply or debased and devalued.

What is the right historical analogy for all this? Allen Farrington argues that Bitcoin is to the system of fiat currencies centered around the dollar what medieval Venice once was to the remnants of the western Roman Empire, as superior an economic operating system as commercial capitalism was to feudalism. Another possibility is that the advent of blockchain-based finance is as revolutionary as that of fractional reserve banking, bond and stock markets in the great Anglo-Dutch financial revolution of the 18th century.

more than three-quarters support the stimulus plans that have already passed and “77% of the public thinks it will be necessary for the president and Congress to pass another bill to provide more economic assistance for the country.” That includes 66 percent of Republicans. We are all Keynesians now.

So, on April 9, 2020 the US central government (the president and Congress) and the US central bank (the Fed) announced a massive money and credit creation program that included all the classic MP3 techniques, including helicopter money (direct payments from the government to citizens). It was essentially the same announcement that Roosevelt made on March 5, 1933. 

The urban crisis that is affecting millions would then be prioritized over the needs of big investors and financiers.

Which world currency is currently experiencing among the most dramatic deflationary spirals anyone has ever seen? Bitcoin itself, the ‘existential threat to the liberal nation state’. 32 Any sane person putting their life’s savings into Bitcoin among all world cur - rencies right now is as foolish as a Dutch person buying tulip bulbs. That is because the problems with currencies actually aren’t formal, or mechanical, or algorithmic, despite what Bitcoin propagandists desperately want us to believe. They are social and political problems that can only be solved by political mechanisms. T