This is a great clarifying piece from the thought leaders of MMT responding to their critics. They make the point to differentiate between a generalized description of money mechanics vs. specific implementation like the U.S. model. As has pointed out in the past, they clearly understand how the U.S. system clearly works under today’s self selected fiscal and legal constraints, such as the TGA must be funded prior to spending, no Treasury overdraft at the Fed, and the Fed cannot buy bonds directly from the Treasury. Supporters of MMT often conflate the need for the Fed/CB to create new Reserves by spending or lending, with the Treasury creating new reserves by Gov spending, but which the authors do not. Anything here anybody would like to point out or discuss? Anything anybody would like to add?