Good, o was hoping somebody would point oit that Roche isnt actually "debunking"(what a stupid word, by the way), he is merely disagreeing with some of its points. And not very strongly disagreeing, either.
For those that are just too lazy to read, here are some exerpts:
In the following sections I will describe how this state centered view of the world is wrong
and why MMT does not actually apply to the US monetary system or most modern monetary
systems.
MMT Misunderstands the Importance of Modern Endogenous Money
MMT Misunderstands the market based money system
The entire existence of a market based
money system like the one designed in the USA is at odds with MMT’s state theory of
money. So MMT has no choice but to attack the banks because their very existence voids
the MMT idea that all money comes from the government
The Executive Branch does NOT have a monopoly over money as MMT implies
If all money was truly state money
there would be no need for the Reserve system in the first place
The reserve system and outside money exists almost entirely to
facilitate the competitive private nature of inside money. The very existence of a reserve
system at all renders the MMT description void.
The MMT Job Guarantee is Based on Flawed Operational Reasoning
MMT Downplays the Importance of Private Investment
MMT Often Misrepresents Wynne Godley’s SFB to Generate a Government Centric View
of the World
Conclusion
MMT is an extremely intriguing and illuminating theory of modern money that helps one
better understand many of the key principles of Post-Keynesian Economics. Unfortunately, the
theory is susceptible to political overreach and a flawed attempt to establish validity behind the
State Theory of Money and the concept that “taxes drive money”. In the end, this results in
thought provoking, but flawed theory of money