The MMT Podcast with Patricia Pino & Christian Reilly cover image

#137 Eric Tymoigne: What Makes Something Money?

The MMT Podcast with Patricia Pino & Christian Reilly

CHAPTER

What Is Redeemable?

Redeemable really means have the ability to return to the issuer whatever it is tat that issuer issued. So redeeming may mean getting something in exchange, either service or an good. But it doesn't have to be like that. You can return a ticket or a bank note just because you owe to the issuer some money. And there is a tight connection between the ability to issue monetary instruments and the ability to impose eithe, willingly or forcefully, debt on others. The state is by far having the widest number of debtors, because it imposes on everyone in the country, almost everyone in the nation, a tax debt.

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