The Water We Swim In
Two young fish are swimming along. An older fish passes the other way and says,
"Morning, boys. How's the water?"
The two young fish swim on for a while, and eventually one of them looks over at the other and says,
"What the hell is water?"
"Morning, boys. How's the water?"
The two young fish swim on for a while, and eventually one of them looks over at the other and says,
"What the hell is water?"
Most of us never question how money actually works. We assume governments are like households — that they "have" money, can "run out" of it, and must collect taxes before they can spend. These ideas feel like common sense. They are taught in schools, repeated by politicians, and broadcast on the news.
They are also, for a government that issues its own currency, wrong.
Modern Monetary Theory describes how sovereign currency
actually works — not how we imagine it works. Spending first, taxing second.
Deficits as accounting identities, not moral failures. Inflation as the real
constraint, not a number in a budget column. This site is about learning to see the water.
Interactive Simulations
MMT Tutor
A guided conversation through the core ideas of Modern Monetary Theory.
Ask questions, push back, get answers. Designed for people who want to
understand — not just memorise.
Start learning →
Finance Minister
Run the economy of Sovereignia — a sovereign currency issuer with its own
central bank. Five scenarios. Two advisors. One profoundly wrong Harvard economist.
Make policy decisions and watch how the MMT playbook plays out.
Play the game →
Coming — Fall 2026
Class Notes
Materials from the OLLI at SOU course "Fiat Currency" — seven sessions on
how modern money actually works.
In development
Reading List
Curated books, articles, and videos — sorted by how much patience you have
for economists.
In development
Common Objections
"But what about Zimbabwe?" The most frequent pushbacks — and the answers
that actually hold up.
In development