I think the crux of the disagreement is the order of events. MMT proponents would not character bond issuance as something that takes money out of circulation

I think the crux of the disagreement is the order of events. MMT proponents would not character bond issuance as something that takes money out of circulation per se. It is only when that money is taxed back out of the economy that money is removed. In this construction central bank policy and government budgets both do play a role, the question is what comes first. When governments runs deficits, it signals the central bank to print money.