MMT has the process of money creation correct. However, what nearly everyone misses including MMT and heterodox economists are the correct structural and paradigmatic targets, namely the virtual monopoly on credit creation by private finance and the ideas that money can be created only as debt, as a loan and only for production. Structurally, a public banking system could establish the needed competition to reduce financial costs, and either mandating the Federal Reserve or fourth branch of government with full political independence to create and distribute a $2000/mo. universal dividend to everyone 18 and older and also that sets a discount in the range of 30-40% to retail prices and then distributes the monies/rebates participating merchants for those discounts so that they can be whole on their overheads and profit margins. This downsizes the 5000 year old problematic business model of finance and accomplishes more monetary and economic democracy and frees enterprise from the vain attempt to solve a systemic lack of demand/individual income by re-distributing that scarcity….instead of simply costlessly eliminating it by income and price gifting.

At time of paradigm change everyone except those who have fully recognized the new concept is blind, stupid and clinging to foot dragging partial reforms. This is no insult to anyone, it’s just the nature of paradigm change/consciousness raising.