Thank you for that excellent analysis.

While total interest on the debt has been growing slower than the GDP, the debt itself is skyrocketing. This economic system exists as literally nothing but a web of--interdependent--expressions of 'confidence'. It is possible for the sheer size of the debt to reach such proportions that it would cause a loss of confidence significant enough to crash the system. Rationally, the MMTers are correct, but rationality and the human beings whose decisions make up the economy often part ways.

Such words are usually a prelude to an argument for a return to the gold standard, but to improve the economy as a system I think we need to go forwards, not backwards. I have developed a paradigm that would make the supply of money (as currency) a fully exogenous variable. It would passively but effectively govern total output. The economy would be fully self-regulating. To be clear, there would still be no limit on income/wealth.

"A Call for a (Further) Central Bank Revolution" here in Medium. I hope you'll check it out.