Say it with me: marginal cost matters. Even if banks aren’t reserve constrained (making supply inelastic), demand still slopes downwards, meaning you’re still clearly wrong (in addition to the empirical studies I linked to that proved this over, and over, and over). And here is more:

This is exactly where MMT becomes a laughing stock among credible economists: making claims that fly in the face of all empirical evidence. Crowding out is a real effect: there is no debate on this point among leading economists.

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