Mike Sax — A Scott Sumner-Scott Fullwiler Grudge Match Revisited

Scott Fullwiler explains to Scott Sumner how MMT is a quantity theory of money (QTM) but differs from monetarism in the definition of money supply (M) and velocity (V).

Read it at The Diary of a Republican Hater
A Scott Sumner-Scott Fullwiler Grudge Match Revisited

by evilsax

Mike Sax — Fiscal vs. Monetary Policy: Scott Fullwiler vs. Lars Christensen

This is the essence of it: 

In any case following Fullwiler here we get a working distinction between fiscal and monetary policy that's easy to follow. Fiscal [policy] increases the net worth of the non-government sector [by increasing non-govt net financial assets  through deficits]; monetary policy increases liquidity [reserve quantity] through asset swaps [that change the composition of assets but do not affect net financial assets of non-govt]. In the liquidity trap this breaks down as you have perfect substitutes being swapped-money and bonds.

Read it at Diary of a Republican Hater
Fiscal vs. Monetary Policy: Scott Fullwiler vs. Lars Christensen

by Mike Sax

Proportion of government "debt" and private debt is key

I want more fiat money in the economy to make up for the reduction of credit use. (That's the whole plan.) But the quantity of fiat money has been reduced (see: M1/NGDP) while our use of the more expensive credit-money has increased. The quantity of fiat money has been reduced because of our assumption that printing money causes inflation. 

Meanwhile, our use of credit has increased -- leading to the bizarre accumulation of debt -- because of our assumption that credit use is good for growth. (See "irony".)

Read it at The New Arthurian Economics
Ouroboros and Irony
by The Arthurian

Exactly.