But ... MMT? Is it really Tax and Spend? Or is it Spend and Tax. So for example in 2020 QE cycle in UK the UK gov would spend something like 100BN a month, an

But ... MMT? Is it really Tax and Spend? Or is it Spend and Tax. So for example in 2020 QE cycle in UK the UK gov would spend something like 100BN a month, and would fund that out of borrowing - so it would put 100BN of bonds (gilts) onto the market - which were immediately bought not by pension funds but by the Bank Of England - so basically the UK government owes itself something like a trillion pounds worth of bonds - around 40% of total UK debt. Exactly how does the UK government owe itself money? Our debt to GDP ratio is about half of what everyone says simply because the government printed money. As long as that reflected real world purchasing - nurses and so on - then fine.