My own poem the magic money tree HAs a stanza setting out the three main schools of thought on money cration which of course has always to account for Public/Government debt. https://www.youtube.com/watch?v=GY3B7DHmWgQ
Economists argue about Theories Three
Commodity, Chartalist or Credit Theory
In Truth all Theories of the Merkel tree?
Are Based upon a Tautology, That´s MMT.
Beardley Ruml made it quite clear in the late 1930’s that Taxes regulate aggregate demand and express policy agenda but do not fund public spending.