In his critique of MMT the last couple of weeks, Krugman has claimed Stephanie Kelton and other MMTers have got things terribly wrong:
Anyway, what actually happens at least much of the time – although, crucially, not when we’re at the zero lower bound – is more or less the opposite: political tradeoffs determine taxes and spending, and monetary policy adjusts the interest rate to achieve full employment without inflation. Under those conditions budget deficits do crowd out private spending, because tax cuts or spending increases will lead to higher interest rates.
And this comes from someone who calls himself a Keynesian economist! The problem with his view is, of course, that it has nothing at all in common with Keynes — and that is utterly and completely wrong!