This first experiment with government-issued bills of credit presents a natural historical test case for Modern Monetary Theory (MMT), particularly its claims about chartalism and the state’s role in originating money. This took place in the Massachusetts Bay Colony in 1690.
Most Americans have no idea their state has a constitution. They cannot name a single right it protects. Ask where their rights come from, and they will either plead the fifth or point to the federal Bill of Rights. What they do not know is that colonies first, then states, had declarations of rights before the federal government existed, often more expansive than anything the federal document would guarantee.
