How MMT won WWII.
New Economic Perspectives
Mobilization and Money
J. D. Alt
UPDATE: Warren Mosler comments at The Center of the Universe:
The way I say it is the funds to pay taxes and buy tsy secs come from govt spending/lending. That is, govt is best thought of as spending first, then ‘collecting’ taxes and ‘borrowing.’
And, as a minor correction, govt doesn’t ‘issue money, then spending it’ but in general just instructs the Fed to credit a member bank account.
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