And as is also clear, whilst the 1866 Act says that all government revenues shall be paid into this account, nothing says there must be a balance held on it to permit this payment instruction to be enacted: it can happen, come what may, even if the overdrawn balance on it is growing. So an overdraft is legislated for here, and authorised by law, come what may.
So, UK law has already enacted MMT.
If we’ve already been doing this for a century and a half then why is it that things ain’t perfect?
Further, if we’ve already been doing this for a century and a half isn’t that a useful proof of the contention that MMT causes inflation? Because the last century and a half is when the UK has had sustained inflation rather than switching from inflation to deflation and back again……