Governments and bankers have been doing this for centuries and we still fall for it!
MMT – the French tried it and it didn’t work:
assignat, paper bill issued in France as currency from 1789 to 1796, during the French Revolution. A financial expedient on the part of the Revolutionary government, the increasing issuance of the assignats resulted in inflation.
This work began as a paper read to Congress in 1876 as a warning about issuing paper money. Perhaps they should read it to Congress again as they seem to have forgotten the lesson:
CBDC – the French sort of tried it:
The assignat was replaced by the mandats territoraux. For some reason thinking about replacing one form of paper with another seemed a good idea! I’d liken it to the CBDC that is going to save us all. I think that the mandates were backed by gold – trouble was everyone preferred the gold (1971 anyone?):
