Baliorik gabeko dolarrak, Worthless dollars (Warren Mosler)

Richard Feynman


Richard Feynman@ProfFeynman

If you cannot explain something in simple terms, you don’t understand it.


2021 mar. 13

Warren Mosler

Arrosa, dolarrak eta polisemia

(1) you establish a tax liability. That’s what comes first

to put a tax liability on and something that nobody has

You put a tax liability, let’s say, on everybody’s house …, in US Dollars

now they’re all out looking for work so they can earn US Dollars so they don’t have to lose their


(2) Now the government can hire those people with its, what I call, otherwise worthless dollars.

So the tax liability creates people looking for paid work in that currency.

That is the definition of unemployment.

So, the dollars to pay taxes can only come from government agents, period.

(3) tax liabilities come first. And what do tax liabilities do? They create sellers of real goods and services.

And there are always sellers…

these are sellers who now want the thing they need to pay that tax. They want US dollars if they are

US dollar-denominated tax liabilities. So now we’ve got people looking for work that gets paid in US


(4) they create this nominal demand for the currency and they create now people looking for paid work,

which is exactly why the government did it, because it wanted people looking for paid work so they

could go hire them with these – I’ve been calling them since way back – otherwise worthless dollars.

If you ever hear that term, that’s one of the original terms. But the government can now spend its

otherwise worthless dollars – without the tax liabilities they’re worthless – because they’re a tax


(5) The thing that you use to pay taxes is called the tax credit. So a dollar’s a tax credit. What’s the tax

credit worth without a tax? Not worth anything. You have tax liabilities, now these tax credits are

worth a lot because you need them so you don’t lose your house or your car or whatever, go to jail.

Yeah. So, yeah. That’s 30 years of practice. I didn’t say it this way the first time. … So it’s

evolving. And if I’d said it this way the first time, it might not have been effective right?

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