Transparent text cut out of background

Question

Is there any way to make a transparent text cut out of a background effect like the one in the following image, with CSS?
It would be sad to lose all pr

Answer 1

I just discovered a new way to do this while messing around, I'm not entirely sure how it works ( if someone else wants to explain please do ).

It seems to work very well, and requires no double backgrounds or JavaScript.

Here's the code: JSFIDDLE

body {
  padding: 0;
  margin: 0;
}

div {
  background: url(http://www.color-hex.com/palettes/26323.png) repeat;
  width: 100vw;
  height: 100vh;
}

body::before {
  content: '$ALPHABET';
  left: 0;
  top: 0;
  position: absolute;
  color: #222;
  background-color: #fff;
  padding: 1rem;
  font-family: Arial;
  z-index: 1;
  mix-blend-mode: screen;
  font-weight: 800;
  font-size: 3rem;
  letter-spacing: 1rem;
}