Thank you for the best explanation of MMT I have ever read. The existence in the UK of the Consolidated Fund as the means of facilitating outlays by the central government does help.

My problem with MMT is that it fails to address the most fundamental flaw in the existing economic system: that all variables in it are interdependent, each influencing and being influenced in turn by all others. That makes the system intrinsically chaotic, incapable of a stable equilibrium.

While MMT is an improved understanding of the central bank/central government monetary partnership, the fundamental problem remains. MMT is but a better understanding of how the partners seek to 'manage' this chaotic system via spending, taxation, and issuance of debt.

One obvious solution to that problem would be to make the supply of currency (as opposed to money in the form of lending by banks) independent of all other variables in the economy by making it a fully exogenous variable. The argument is made that the determinations of the partnership regarding currency make it an independent variable, but given that those determinations are, well, determined by what is happening with the economy, at present currency cannot be said to be a fully exogenous variable. That would require for its amount to be determined by a variable outside the economic system.

As it happens, I have developed such a paradigm. In it the amount of money, as currency, is determined by demographics. The results, which surprised me as much as they can surprise anyone, are so astonishing that to relate them is to risk being relegated to Kookville.

I can say that they are accomplished without imposing any cost on employers, without having to redistribute anything, without imposing any limit on income/wealth, and without requiring people to act any particular way. The supply of currency and the economy as a whole become completely self-regulating.

The paradigm is fully thought-out, not something I came up with this morning. While I do have an M.A. in economics (with a published Thesis in political economy--where economics and philosophy intersect--with a focus on money/distributive justice), I have no standing for anything other than self-publication.

I did think of the basic idea for this paradigm in thinking about making the existing economy more just. My confidence in the validity of the idea stems from the realization that it solves that fundamental flaw in the system.

If anyone is still reading I do appreciate your time and consideration. I can only hope that someone at the Institute will be willing to appraise my work.

The paradigm is available most generically (and most technically) in "Paradigm Shift" (here in Medium, but not behind the paywall).