Naked Capitalism has the post Macroeconomics, Money (MMT Style) and Post-Brexit Recovery, All in One Twitter thread.
Money is just a promise to pay.
If you think you have ‘money in the bank’, think again. You have not. You just have a promise from the bank to pay you money if you demand it. And if they can pay it, of course. You’re now the banker. They’re the borrower. And you have the risk they won’t repay.
I emphasize this part because this is what I have been trying to explain about private-bank created “money”. It is not “money”. It is a promise to pay you money if you want to take your “money” out of that private bank’s system. By hook or by crook (or by Federal Deposit Insurance Corporation in the USA), the bank will fulfill that promise.
Even if Warren Mosler doesn’t want me saying this, I am sticking to my story as explained in this article. In my mind “the promise of money” explains a whole lot of things that seem to be hand waving to me in the “official” explanation of MMT. My explanation does not contradict anything that the “official” explanation says. I think it clarifies.