I don't like the idea that MMT is a "movement," with an ideology. MMT says simply that monetary constraints are a proxy for inflation constraints and, as such, have obsolesced because the supply side of "too much money chasing too few goods" has changed. When facts change, smart people change their minds.

Mankiw's dominoes don't have to fall. Banks pay IOR so banks can keep the light on, to replace the money they might have earned by lending to the government if the Fed hadn't bought up their bonds. But banks are highly regulated entities. Preventing inflationary lending is possible, as the Government learned to its dismay in 1937. But assuming that lending will be discretionary in the absence of an understanding of the supply is a mistake. https://remarklj.medium.com/why-mmt-matters-now-949f0c9ad84a