Source: Cobden Centre
by Joshua Mawhorter
“MMT poses two propositions: 1) that money originates according to the theory of chartalism, that is, money is essentially created and regulated by the state; and, 2) that only ‘monetary sovereigns’ can employ MMT policies successfully. MMT’s favorite example of a ‘monetary sovereign’ is the modern United States. (Both of these points are crucial for MMT, but their definitions and explanations are not within the scope of this article). The problem here for MMT is that the monetary history of the United States belies chartalism. Rather, the evidence from the monetary history of the United States demonstrates evidence for commodity monies that emerged through barter-exchange on the free market, especially silver and gold.” (05/20/25)
https://www.cobdencentre.org/2025/05/mmt-chartalism-and-the-colonial-experience/