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Originally Posted by Kuhb
You're misunderstanding me. This is how currency is legitimated right now, as we speak. MMT is only describing how currency comes to exist and is legitimated, not making any kind of normative judgements about it.
As long as the government is the monopoly issuer of the currency this is just the nature of floating fiat currencies
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yeah i did, i was asking about something else. the jail/taxes is not a requirement for that though, all that is required is the monopoly on the currency. i guess, ok, yes, taxes, since you must pay them in the monopoly’s denomination (but only when you have to).
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Originally Posted by Kuhb
Hyperinflation doesn't come via our faith or non-faith in the value of the currency. We don't, on the whole, barter with it and make individual economic judgements at the micro level like that. It comes from resources becoming scarce, leading to a bidding war to secure those resources (or price gouging by opportunistic capitalists). Toilet paper prices are inflated right now due to resource scarcity, not people having too much money.
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im not talking about toilet paper but devaluated currencies. latin american countries in the 20th century went through devaluation, inflation, and the population eschewing the local currency for the american dollar. argentina actually has continued the same patterns into this century, the poor fuckers.