Part of the “QE is not MMT” argument also rests on a view QT will soon reverse QE: but can that really happen now? The BOE just cancelled a speech on balance sheet contraction pencilled in for today. But if so then the imperative must surely be NOT to do more of the same old QE, when everyone can see what vast nothingness its trillions of dollars have bought us in our unequal, inflation-struck, and geopolitically-unprepared real economy?
