# MMT and the Price Controls That Never Happened

Page: https://stenobird.com/podcast/audio-mises-wire-1133748/mmt-and-the-price-controls-that-never-happened
Text version: https://stenobird.com/podcast/audio-mises-wire-1133748/mmt-and-the-price-controls-that-never-happened.md
Podcast: [Audio Mises Wire](https://stenobird.com/podcast/audio-mises-wire-1133748)
Published: 2026-09-04T14:07:02+00:00
Episode link: https://mises.org/podcasts/audio-mises-wire/mmt-and-price-controls-never-happened
Audio file: https://dts.podtrac.com/redirect.mp3/cdn.mises.org/2026-09/mises-145913_20260904.mp3
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JSON: https://stenobird.com/v1/public/podcasts/audio-mises-wire-1133748/episodes/mmt-and-the-price-controls-that-never-happened

## Resource

Without established exchange-ratios between a currency and goods, a fiat-token cannot meaningfully serve as a unit of account because it has no referent. The only way a state could meaningfully ground such a fiat-token by political decree would be through comprehensive price controls. Original article: https://mises.org/mises-wire/mmt-and-price-controls-never-happened

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