New Economic Perspectives has the article Future Dollars.

In recent essays I’ve made reference to a new framing of what is actually happening when the U.S. treasury issues a bond. It seems to me, this new framing goes to the heart of MMT and might well hold the key to a practical implementation of MMT principles in real world applications. The framing is this:

A U.S. treasury bond is a certificate of issuance of future dollars.

I already understand Modern Money Theory (MMT), so I don’t need any convincing. For those who do not accept the truth off MMT, I fear that they will just think this essay is an attempt to convince them that the naked emperor really is fully clothed if only they looked at him from the proper perspective.