Randall Wray's MMT Lecture Distorts History
The Human Action Podcast
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The Dynamics of Colonial Currency
This chapter examines the historical context of paper money in colonial Virginia, focusing on its ties to taxation and government authority. It contrasts different economic theories regarding the origins and value of money, specifically addressing the roles of government and taxpayer trust in currency stability. Through historical examples and economic analysis, the chapter reveals the complex mechanics behind treasury notes and their redemption processes, highlighting the implications for monetary policy and public confidence.
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