I find it both puzzling and interesting that my rejection of the Quantity Theory of Money is rejected by supporters of MMT. MMTers, after all, choose to reject the Quantity Theory of Money when money is sovereign. I simply go farther and reject the Quantity Theory of Money outright.
Where I seem to disagree with MMTers is in their blind spot: the private central bank's balance sheet. I argue that the private central bank's balance sheet matters. One MMTer seems to argue that if you pretend the private central bank's balance sheet doesn't exist, it doesn't matter. He/she also makes numerous assertions about a couple of country's private central banks that he/she cannot substantiate because he/she does not seem to understand accounting rules and seems to assume that the numbers on an audited balance sheet can be made from whole cloth. That is not the case.
At the end of the day, this blog exists for me to write down my thoughts. While I appreciate comments that help me think better and more critically, this really isn't a place for ideological arguments. I just don't have the time or inclination to argue with people who don't know what they are talking about. On the other hand, if you can show me that I am mistaken, that I don't know what I'm talking about, that would be a service much appreciated.
I live to learn. This blog just logs what I believe I am discovering. I am not invested in being right, but if you think I'm wrong, please prove it and be clear in your proof. Thanks.
