For anyone interested in the history of how the financial rug was pulled out from under great public universities sinc 1970s-'80s, this is an excellent history, principally focusing on California and NY. No surprise who the baddies are: Reagan and Rockefeller! Link:
www.press.jhu.edu/books/title/...

In the 3 fiscal years from April 2022-March 2025, ~£147 bln (72% of w redemptions, 32% indemnities) = 6.5% of central government tax revenue, was sent by the Treasury to the BoE so the BoE could destroy (delete) it. Right amount of tax-financed money supply reduction? Not a debate we're having! 2/n

In sum: if folks want to beat up on MM theorists for not being systematic on resource constraints, fine. But have some humility: our MMT-that-dare-not-speak-its-name has comprehensively eviscerated our ability to even DISCUSS what a sensible relationship between fiscal and monetary policy would be.

Sort of off-topic, but, ICYMI, thought I'd mention that Renata Adler's essay about the National Guard, prompted by Kent State, has a lot of interesting detail about this evolution. Some motivating screenshots follow

www.amazon.com/Canaries-Min...

Refunding coupon payments on gilts amounted to dribbling out this newly created money to HMT on an arbitrary timeline whose sole virtue was that it enabled those involved to pretend (sometimes to themselves) that fiscal deficit monetisation wasn't happening. 4/n

A huge amount of confusion has been created, in the UK above all, by having central banks retain the bonds purchased under QE and having govts pay interest on them to themselves. This obscured the reality that QE was a massive money-creation financed loan to govts to buy back their debt. 3/n