Thanks for this answer. My understanding is that GFC QE created money to buy back gilts, substituting cash for other assets on bank balance sheets. The element

Thanks for this answer. My understanding is that GFC QE created money to buy back gilts, substituting cash for other assets on bank balance sheets. The element of choice here is what seems to make it a species of MMT - the creation of money can be used for any purpose. I’m not arguing the point here - just trying to work it out. To my utter frustration, and like so many things, the concept MMT has been politicized, and it’s the usual suspects shouting at each other and creating so much noise, it’s difficult to discern and evaluate the signal.