Modern Monetary Theory's main tenets are that a government that issues its own money: 1 Can pay for goods, services, and financial assets without a need to collect money in the form of taxes or debt issuance in advance of such purchases; 2 Cannot be forced to default on debt denominated in its own currency; 3 Is only limited in its money creation and purchases by inflation, which accelerates once the real resources (labor, capital and natural resources) of the economy are utilized at full employment; 4 Can control demand-pull inflation (“too much money chasing too few goods”) by taxation and bond issuance, which remove excess money from circulation (although the political will to do so may not always exist); 5 Does not need to compete with the private sector for scarce savings by issuing bonds. Essentially under MMT, governments if they only have debt in their local currency can expand their fiscal deficit until inflation picks up again, with no constraint on government borrowing.