4:23

He says
the whole of this myth of central bank independence and
the whole role of interest rates in controlling inflation
is not true
instead tax has that role

He's unhinged. The first one, interest rates, is what is generally labelled[1] monetary policy and the second one, tax, is fiscal policy. A government has both tools available to it to help it "control" inflation and unemployment.

[1] Be it known that I have a very low opinion of all economists and economics of the last century at least. It's kabuki theatre, mostly, except that all but the first players are indoctrinated in its ways and believe it is all true. Having said that, the labels of fiscal and monetary policy work well enough, in my view.

In practice, governments have delegated monetary policy to their respective central banks ("made them statutorily independent of government") so that when things go badly in terms of inflation and unemployment -- which the governments do not actually control but merely have some influence over -- the governments can wash their hands of it and tell the public it's the bank's fault.

We get that here, the government lazily does nothing constructive in terms of fiscal policy because they don't want to upset voters (or worse, does destructive things in buying votes) which ultimately forces the central bank to manipulate interest rates because somebody has to reduce inflation and the government won't so the bank must. We get that a lot.

This bloke says many things which are true and weaves them together in an enticing way. However, he fundamentally misunderstands reality and also says things which are not true. And he relies on argument by authority. And he uses those bloody distracting subtitles.

If it were up to me, I would bring the central bank back under the control of the government and so give the government the ultimate responsibility for monetary policy in addition to day-to-day responsibility for fiscal policy. That way, both can be used together, much more harmoniously than they are now. And the government can have responsibility for everything, which is why it won't happen :)

I challenge all MMT advocates to rebut what I have said.