Marco Saba

The State Theory of Money Marco Saba

This text is the only existing English translation from German of the forgotten fourth chapter and the appendixes of the Georg Friedrich Knaap's book "The State Theory of Money" (1906) from which much of the so-called MMT was derived. A quote from the Austria chapter: "Almost at the moment when the new banking system, which had hitherto only actually practiced course regulation, became a legal institution, it repeated itself what had happened in 1859 and 1866: the outbreak of war shook the newly-founded work and completely destroyed it."