Steve Keen: The “taxes are destroyed upon receipt” trope is MMT’s way of characterising that taxes don’t fund spending. It also emanates from their failure to develop a tool like Ravel to show the interlocking accounts of different sectors of the economy, which led them to amalgamating the Treasury and Central Bank as “the government”,…

Me: Thats true…and its also why everyone and every commercial agent should have an account at the central bank so that it can create and distribute the new monetary paradigm of Strategic Monetary Gifting with a 50% Discount/Rebate policy at retail sale specifically at the points of both regular consumer and financial retail sale (one’s monthly mortgage, auto, insurance or other big ticket item payment).And it would also free the central bank to pay 50% of the retail/ultimate costing/pricing point of governance (the deficit) thus reducing the individual and corporate tax liability of same. That would also transform the central bank from being the hand maiden/re-inforcing agent of the private banks’ present monopoly paradigm of Debt Only during “normal times”, and their bail bondsman when they cyclically de-stabilize the macro-economy...into the agent of the greatest increase in economic democracy since forever.

After all, the central bank being the ultimate creator of money either as debt and especially as GIFTED money, actually need not necessarily owe anyone or anything a burden to pay it back. Finally, reserves are a potentiating form of gifted money. The problem is its only granted to the banks instead of everyone and the banks.