Skip to content


Only accepting its own currency in settlement of tax liabilities is what provides a country’s currency with its value,

Therefore the UK cannot have MMT, can it?

Because HMRC will accept euros in settlement of a tax debt. In fact, it’ll accept artworks, collections of historical papers, all sorts of stuff.

We can go further again, there are many things which do have value which you cannot pay your taxes with. Bitcoin, the services of a lady of negotiable virtue and so on.

Why, it might even be true that the assertion itself isn’t true, eh?

The critique of a critique of MMT doesn’t get any better after that.

7 thoughts on “Hmm”

  1. Sure, but don’t HMRC decide the rate they use to convert the assets in to GBP do as to settle the debt. For example my own paintings were worth f*ck all.

  2. There’s no need to convert the Euros or paintings or historical papers into Sterling. Just burn them. As long as wealth is removed and inflation risk reduced then the MMT Spud 1.0 is doing its job.
    Erm . .

  3. I find this sort of thing fascinating, because you see so much of it nowadays. A thesis built on something that’s demonstratively untrue. But it conforms to a narrative, so it’s treated as fact. It really isn’t a survival tactic.

  4. I think he misunderstands the concept of a currency being legal tender.
    It isn’t that it is the only thing that can be used to pay tax, it is the only thing that can’t be refused to pay tax.

Leave a Reply

Your email address will not be published. Required fields are marked *