If you read any MMT literature, you would know that the money was still debt under the gold standard. Even gold coins issued by ancient civilizations (say Rome) are IOUs.

Secondly, you can easily find states with zero tax rate, ever heard of “tax heavens”?

Any example you can give me of a state that does not impose taxes or fines is a currency user, not a currency issuer. This is a very basic distinction that you would know if you knew anything about economics or MMT.

Then, you can consider the world economy as a whole, which is functioning but has no centralised authority or taxes.

What is the World currency then? That’s what I thought.

You have demonstrated an utter lack of knowledge on this topic and a failure to employ even the most basic logic. Again, please do your homework before making a fool of yourself on a public forum.

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

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