QE is central banks liquidising private assets to improve the balance sheets of large businesses. This gives them access to more capital and in theory allows th

QE is central banks liquidising private assets to improve the balance sheets of large businesses. This gives them access to more capital and in theory allows them to invest more. It is controversial since the benefits of it are hard to measure. Since the money is not guaranteed to be spent we might expect it to be less inflationary than conventional government stimulus. Proponents of MMT are often arguing for conventional government stimulus. The basic idea is that the shape of the globalised economy is such that we have more deflationary pressures than were observed in the 20th century when standard monetary theory was conceived. Typically proponents argue that the government can assume a larger role in the consumer economy without adding inflationary pressure.