Fiat Money and Chartalism: Why MMT Is Wrong

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Tags: Monetary Theory, Other Schools of Thought, U.S. History

06/12/2025 Ryan McMaken Joshua Mawhorter

Joshua Mawhorter joins us to talk about how the fiat-money theories of Modern Monetary Theory and chartalism aren’t supported by the historical facts.

Articles and resources mentioned:

Is It Money Because It Is Redeemed in Tax Payments? A Response to Kelton and Wray by Per Bylund.

MMT and US History: Redefining Chartalism by Joshua Mawhorter.

MMT, Chartalism, and the Colonial Experience by Joshua Mawhorter.

How the Classical Gold Standard Fueled the Rise of the State by Ryan McMaken.

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