Great story I&#x27;m gonna check it out ... Interestingly, though, all money is virtual. In fact, you can think of a currency as a unit of account the same as a metre is a unit of length.<p>Even in currencies which have notes and coins they only make up a single digit percentage of the total volume of money.<p>When governments spend, they do so by crediting accounts at a central bank account (ie. They spend their own currency into existence) and taxation is the opposite of this.<p>The upshot of this is that governments don&#x27;t need to tax before they can spend (in fact it&#x27;s the opposite), are not constrained in their fiscal policy by &quot;raising revenue&quot; and have danger of insolvency so long as they only issue debt denominated in their own currency.