Chapter 3 provides an extensive overview of sovereign money, arguing that the power to create currency is the most fundamental authority of any nation, a power often contested by private financial elites throughout American history. The text examines key historical precedents, including the prosperity generated by Colonial Scrip and the Union-saving success of Lincoln's Greenbacks, contrasting these with the eventual surrender of monetary control to the private banking system with the creation of the Federal Reserve in 1913. It then introduces Modern Monetary Theory (MMT) as the logical framework for operating a sovereign currency, emphasizing that the government, as a currency issuer, faces inflationary constraints, not solvency constraints. Finally, the text asserts that the purpose of taxation is primarily to control inflation and create demand for the currency, arguing that traditional concepts like sovereign debt and the need to tax or borrow before spending are obsolete myths used to justify economic austerity.

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