Hasn’t the last ~15 years had been an experiment in printing money on the order of trillions (3-7 for wars in the ME, how many more T. for bailouts/QE)?
> the last ~15 years had been an experiment in printing money
Through monetary policy. When the Fed creates a dollar it destroys a dollar of assets, e.g. by buying a bond.
Fiscal policy is different. When Congress appropriates it creates new money. That impacts the real economy differently. (This is why every crisis involves central bankers calling for fiscal stimulus. It is more powerful.)
Fiscal [0] stimulus isn't any more powerful in terms of degree of impact, what it is is more targetable where it is needed. The scope of monetary policy typically delegated to central banks is enormously powerful, but it has all the targeting selectivity of a thermonuclear bomb.
[0] since we are discussing MMT, we should note that the term “fiscal” is a reference to metaphor that is not at all appropriate to modern fiat currency systems, and that so-called fiscal policy isn’t constrained by a fisc and is just as monetary as what is traditionally called “monetary” policy. But it's easier to use the classic terms than “taxation and spending” in place of fiscal and “central bank credit” in place of “monetary”.
