It would seem that as far as macroeconomic policy is concerned, bond purchases and forward guidance are the preferred tools of the FED. But “Central bank tools cannot eliminate the direct costs of the virus, including the suffering and loss it will create.

It is very unfortunate that it is terrible circumstances that prove MMT is accurate in the starkest way. Well at least knowing MMT, I don’t have to worry about how the government is going to pay to help us get through this. I do worry about the competence of the person who leads my country and how much that will affect our response. Such is life.