First of all, thanks for a coherent explanation of MMT.

I do take issue with one point: the U.S. government by itself is not an issuer of currency (though it apparently could be, according to the Constitution). Neither the government nor the Fed can unilaterally issue currency. They work together. The Fed determines how much currency will be issued at any given time by the Treasury (‘new’ currency — ‘freshly printed’ money) for the Fed to use to purchase Treasuries.

MMT began life as a better way of explaining how the existing monetary system works. To go from there to say that it is a good system or desirable system--much less the best possible system--is quite another matter.

A better approach to supplying the economy with money (as currency) within the existing system has been developed (by, well, me). It can be thought of as a kind of permanent 'quantitative easing'--but with built-in protections against inflation. It accomplishes more good for society more simply--while eliminating instability, making the economy a self-regulating societal process.