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[1/8] Do you know who was pro-#MMT? A crazy dude called Abraham Lincoln: “The available supply of gold+silver being wholly inadequate to permit the issuance of coins of intrinsic value or paper currency convertible ... in the volume required to serve the needs of the people…”.
[2/8] Lincoln: “… some other basis for the issue of currency must be developed and some means other than that of convertibility into coin must be developed to prevent undue fluctuations in the value of paper currency”.
[3/8] Lincoln: “The monetary needs of increasing numbers of people advancing towards higher standards of living can and should be met by the government. Such needs can be served by the issue of national currency and credit through the operation of a national banking system”.
[4/8] Lincoln: “The circulation of a medium of exchange issued and backed by the government can be properly regulated, and redundancy of issue avoided by withdrawing from circulation such amounts as may be necessary by taxation, redeposit and otherwise”.
[5/8] Lincoln: “Government has the power to regulate the currency and credit of the nation”.
[6/8] Lincoln: “Government possessing the power to create and issue currency and credit as money … need not and should not borrow capital at interest as the means of financing governmental work and public enterprise”.
[7/8] Lincoln: “The govt should create, issue and circulate all the currency … needed to satisfy the spending power of govt and the buying power of consumers. [Money creation] is not only the supreme prerogative of govt, but it is the govt’s greatest creative opportunity”.
[8/8] Lincoln: “The financing of all public enterprise ... and the conduct of the treasury will become matters of practical administration. Money will cease to be master and become the servant of humanity. Democracy will rise superior to money power”.
Forgot the most important part! "Money is the creature of law and the creation of the original issue of money should be maintained as an exclusive monopoly of national government".
