Importance of Knapp's contribution

[Mathew Forstater <forstate@xxxxxxxx>]

Some comments have been made that those accepting the chartalist view or
state theory of money or the idea of the tax driven currency must be blind
to the role of bank money in the system.  Obviously, we are aware of the
existence and importance of bank money.  The state can make anything state
money, by accepting it in payment of tax or other obligations.  Knapp's
analysis helps here. Wray's section on Knapp follows.

Mat Forstater