There is a Huffington Post article written in 2010 by Warren Mosler. The article is Taxes For Revenue Are Obsolete. Mosler introduces the article with the following statement:

April 15th has come and gone, but the issue of taxation remains the course de jour. I was recently forwarded an article entitled Taxes For Revenue Are Obsolete, written in 1946 by Beardsley Ruml, the former Chairman of the Federal Reserve Bank of New York and published in a periodical named American Affairs.

The following is an excerpt from what Beardley Ruml wrote in 1946.

The necessity for a government to tax in order to maintain both its independence and its solvency is true for state and local governments, but it is not true for a national government. Two changes of the greatest consequence have occurred in the last twenty-five years which have substantially altered the position of the national state with respect to the financing of its current requirements.

• The first of these changes is the gaining of vast new experience in the management of central banks.
• The second change is the elimination, for domestic purposes, of the convertibility of the currency into gold.

This shows that what the Modern Money Model describes as the way our sovereign currency works was well known in 1946. If people in 1946 understood this back then, why do people find it so hard to accept now? It is just amazing what knowledge we seem to have lost over the last 71 years.