New Economic Perspectives has the article Understanding Modern Money – Video.

Randall Wray presents in English the German version of his book “Understanding Modern Money”. The intro is in German, Randy’s presentation is in English.

No matter how much I think I understand about Modern Money Theory(MMT), I always gain additional insight by listening to the founders of MMT.

Now I understand what Wray means when he says that when government issues money, it is a debt on the government’s books. What the government owes you when you give it back its money is the cancellation of any debt you owe the government. Most of the debt you will owe the government is in the form of taxes, fees, or fines (or perhaps something you buy from the government, like a government published book). If you don’t have any debts to the government like these, then there is nothing the government owes you if you give it back some of its money.

This is one of the books that Wray mentions in the video: Margaret Atwood – Payback: Debt and The Shadow Side of Wealth.