Nice summary
I’ve been asked quite a few times about chartalism and its recent rebadging as modern monetary theory (MMT). My answer has been that I really should get around to looking into this. However, the issue came up again at Crooked Timber following my post on hard Keynesianism. Looking around, I drew the conclusion that an attempt to define and assess the various versions of MMT would take more time than I had available. So, instead, I thought I would draw up a set of propositions bearing on the claims I made about hard Keynesianism and invite comment from MMT advocates and others as to whether they disagree. Here they are
1. Except during the period since the GFC, money creation has not been an important source of finance for developed countries
2. Except under extreme conditions like those of the GFC, money creation cannot be used as a significant source…
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Utopia, you are standing in it! 
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