Comment by roenxi

If we attempted to pay our taxes by creating this new money, do you think we would succeed? Because I suspect that when we get to the tax office we will discover that what you're calling money is not actually money in the practical sense.

Or I suppose I should spend more time with an open bar tab come tax time.

The monetary aggregates are things that are theoretically equivalent to creating money, but I'm going to challenge whether it is proper to compare M4 activity to the fed balance sheet. One of those entities is involved in actual money creation. One of them is hyper-privileged money creation that is more impactful and less comparable to other forms.