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Building a New Economics · Aug 3, 2026

A reality check on bonds and government spending

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Steve Keen · Building a New Economics

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Why governments create money, with or without bond issuance.

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A listener (Doug) left a comment on YouTube saying I assume Phil intends to play “devil’s advocate” when he speaks as though taxes are necessary for money issuance by governments with sovereign currencies. He’s worried that it might confuse new listeners to the podcast. So this week, Phil and Steve get stuck into the more contentious side of MMT – how g…

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