Larry,

Yes, that is true, but the important thing to garner from that is the integrative incompleteness of Keynes’ understanding of money…..and the completeness of Douglas’. There is room for both Debt and monetary grace/gifting, for both governmental (Keynesian) stimulus and (missing from Keynes’ theory) direct gifting to the individual via a citizen’s dividend and rebated discount to retail prices. Economies have not been in a state of equilibrium since the economy was much less industrialized and hence less capital intensive and closer to a state of barter. Hence they have “progressed” toward a more pronounced state of cost/price inflation, and the importance of including/integrating both Debt and Gifting becomes ever more important as innovation and AI increasingly destroy aggregate demand. Keynes’ theories were the fall back position of modern finance so that it could “live another day”….and as we see, once again dominate and manipulate the world with its paradigm of Debt ONLY. The insights of MMT (and other cutting edge theory and reform movements) regarding the importance and reality of national monetary sovereignty integrated with Douglas’ policies that enable monetary policy reach directly and all the way to the (then sovereign) individual can form the basis for a full economic and monetary integration philosophically based on a new and increasingly primary paradigm of monetary grace the free gift. This is my premise in Wisdomics/Gracenomics/Gracientialism.