Of course a government can write as many IOUs as its wants, and it can create laws to say that people have to accept them. But if the US government were to issue a new $1 quintillion of US Notes tomorrow, they will effectively be worthless, especially if people suspect it will issue $10 quintillion the following day.

I don’t see your point. No MMT economist would disagree with this. MMT economists take inflation seriously because that is the main ‘constraint’ on government spending.

Corporate accountant and former auditor with degrees in philosophy and accounting.

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