Galbraith’s response to Rogoff when he said this is relevant

Thanks! As always, I wish Galbraith did Twitter. I'd have added, "You think MMT lacks equations and formulae because you don't do accounting." Has Rogoff learned zilch in the last... two decades? Have orthodox economists learned zilch from his blunders?

“Whenever a bank makes a loan, it simultaneously creates a matching deposit in the borrower’s bank account, thereby creating new money.”

All good except that I dispute that taxes give value to money. Money is a necessary medium of exchange and to have that medium supported by official monetary authorities is what makes it useable. If you go to the supermarket and buy something, you have to use the official currency. You cannot usually use another country’s currency, even though the other country requires their taxes be paid in their currency, nor can you usually use any other form of exchange not backed by the official currency. That taxes require domestic currency is just a correlated attribute.

@battleforeurope ANYTHING WE CAN ACTUALLY DO WE CAN AFFORD. Keynes cutting thru the bullshit. Economics is not about laws like physics, because a society can't decide to change the speed of light, but it can decide to have no billionaires

Yes. It is also why I am skeptical of all confidence surrounding of conventional conflict with the east. All these GDP graphs and stock market related stuff is not indicative of real resources which will be laid bare in an actual war.

MMT doesn't work because it doesn't control the creation of money by banks. It also promotes a lot of nonsense about their being a hard line where the productive capacity of the country ends, and presumes that new money will be fed into production instead of into speculation. Consumer price inflation is always preceded by an asset bubble and followed by a recession. We have had the first two already.

source for the debate?

Not Your Fault lol: but every once in a while I vent about the sound quality on MMT video clips. This one is unusual 1) it is not distorted or boom/bust volume, but such low volume I can't turn it up enough to hear 2) captioned! which rare and very nice.

Rogoff has surely heard this before. It gets increasingly hard to believe its coincidence or ignorance that economically-literate critics of MMT nearly always use the exact same mischaracterizations and citations of countries that are not currency sovereigns.