your belief the accounts do not exist or something else? Your belief can of course be true. But what am i supposed to believe before i am to be able to understand what MMT is? @Andrew , Sometimes answers are not simple. It's hard for me to explain, but "accounts" are not "real" if you can see that. Accounts are abstract. The balances in "accounts" dont "come from somewhere"; if you can see that... The Romans used coins and jars which are NOT abstract instead of "accounts" as back then information technology was virtually non-existent; you may be "trapped" in this non-abstract paradigm that you have been conditioned to think within and are having a hard time getting out of it. Resp, An account is not particularly abstract. It just means a written line of book keeping. How much do you know about computers? They only do what they are instructed to do by humans including errors they produce. It makes no difference if you are writing the account or a computer writes the account. @Andrew , OK, we can all agree then: "a sovereign government that issues its own currency is neither revenue constrained nor computer constrained". Any sort of financial accounting is by definition "abstract" regardless of whether the accounts are kept on paper, computer or abacus ("nor abacus restrained"). There hasn't been a non-abstract system of accounting since Noah loaded his Ark (and there are some who argue the story shouldn't be taken literally). Money is abstract