You’ve conflated freely printed money with MMT, which is arguable and pretty much unprovable.
Free money, is just freely printed money. That does not make it MMT any more than being multicolored makes us homosexual.
Abstract money is as used. The are no magical properties built into it that dictate how it must be used.
So you were distracted, and so are we the readers, in considering the pros and cons of MMT, when we should be considering how money is used at a much more fundamental level.
There we find real, provable flaws.
Proven in both markets, and science, we know that sunlight is directly convertible to information, matter, energy, and currency.
So it is valid to say that sunlight is a form of currency.
Sunlight is a currency of nature, the true source of all wealth, and it is issued for free.
That known, how can it be right, to try to fix human money supply to some fixed amount?
Exploring the consequences of that flaw takes us down a very large rabbit-hole, the rabbit hole of all rabbit-holes, that MMT distracts from.
When we go down there, and have a look around, it doesn’t take long to see how money should be used, to reflect nature.
The economy and supply chains of nature are not circular. Natural wealth is unidirectional, flowing from the sun to all things, where all things pass on some of the wealth of sunlight, to other things. Nothing in nature insists on a return for any of the wealth passed on.
Of course honourable agreements can be made between people to exchange things for this or that.
But no-one knows in advance what is an honourable agreement.
No-one knows the future.
Unpredictable circumstances will always arise, preventing some agreements from being honoured.
Things start getting nasty when agreements become compulsory, the only mode of doing business.
Worse, in such a circumstance, one or both parties may even know an agreement cannot be honoured, but sign anyway, having no choice by circumstances.
Agreements become compulsory when there is scarcity in absence of agreement.
In other words, when scarcity is enforced.
Nothing in nature willfully imposes scarcity, when there is no scarcity experienced by itself.
Only humans do that, and that is something we really should question in our nature, because it is unique to our species, perhaps not all of our species, but definitely to some of us.
Scarcity becomes enforced when we fix money supply.
Then everything becomes a zero sum game, in which a minority who enjoy the game always win.
A gold standard might have been useful, a good thing in the eyes of those those who gained by it, but by definition, they are the minority, the winnners in the zero-sum game.
The trick to perpetuating that game, is to become embedded in it, in such a way as to allow ourselves to become blind to the basic truth, and then even to generate dialog, defending our blindness, and even becoming insulted when our logic is shown to be flawed.
If more evidence is needed, look at what we saw, when massive stimulus was issued.
Oil prices went negative, for the first time in history.
Bankrupt company stocks soared, for the first time in history.
Traditional “Safe haven” assets like Gold and Bitcoin prices languished.
And the value of the currency itself, soared.
And the environment made a distinct leap of recovery.
What was happening was that for the first time ever, people were not trading in the markets, instead they were simply donating.
When we receive money for free, we feel no need to profit from it, so we are happy to just pass on what we don’t need for ourselves, to those folk and organisations we like, and who we think needs it most.
At that time, we were effectively being paid to stay home, and we did, but we also got up to some other things.
We became distributors of wealth, with the outcome that the things seen as most desirable by the majority of humanity, received the maximum benefits.
We know oil is harmful, so we didn’t support it, and the prices went negative.
We love ship cruises, cars for hire, and holidays, so we threw some of our free money at them. Who really cares if they don’t make profit, we still love their products.
With free money, even endless free money, we don’t need to have “Safe haven” assets, so we hesitated on gobbling up more of those, some even selling them instead.
And the other countries of the world saw the good things being done with the currency, so they bought even more of it, with a little of their own free money.
The final argument might be that it isn’t sustainable.
But it is, absolutely, since the sun does it in nature, of course it is sustainable, all we need to do is gear it to sunlight, by bolting that into the works.
The debt of humanity is the thing that is unsustainable.
Because all of our activity has been fuelled by energy taken from the Earth, which was put there in the first place by the sun, for free, our debts are not so much to each other, but actually to the Earth, for the energy we’ve taken from it.
The Earth is our creditor.
The only energy we can use which is not extracted from the Earth is solar, thus that is the only kind that can pay down our debt to Earth.
The agreement we should really be making, is with our planet, an IOU, to be paid back down in the only way it can be, by solar energy, but which in the meantime can be added to, as necessary to implement the initial solar energy infrastructure needed to begin scaling to the amount needed by humanity.
There, is a practical means of implementing eternal free money.
The only thing stopping us right now, is the blindness to reality mentioned earlier.
Right now, unanimous agreement by all banks and governments that need to agree to do that seems pretty distant.
But several things are afoot, which one way or another will force us to common sense.
The middle classes, are falling into poverty.
That means the majority of humans are falling into poverty.
We, humanity, probably won’t put up with that for very long.
In addition, Bitcoin is already generating coins directly from mostly sunlight, a country’s worth of solar energy, to produce what are the few remaining Bitcoin.
The result is that the money supply is already being added to, by sunlight.
Wealth from sunlight is being literally poured into our economy.
But we don’t adjust the figures for that, we still try to put fixed figures on the total global money supply.
However when the last coin is printed, the solar energy infrastructure that powers Bitcoin production will suddenly be released to the energy grid.
The result will again be massive stimulus, but by nature, rather than by us.
So it seems pretty inevitable free money is the future.