Sophistry, perhaps. Rhetoric certainly. We are not dealing with a subject that well lends itself to proofs or scientific analysis. Economics is more scientistic and politics is mostly rhetoric with a purpose which may or may not be clearly disclosed. Meanwhile economics has become the continuation of politics and war by other means.

My criticisms, especially of Krugman, do not go to his strong advocacy for stimulus, with which I agree. But that, like Obama, he fails, perhaps refuses, to attack some of the most pernicious right wing frames, especially those which constitute the basis of 'New Classical' economics. The result is that both he and Obama are left to fight on a field prepared by their opponents.

MMT is less 'right' or 'wrong' than just an attempt to describe the monetary system as it actually operates. That can only be seen as political if so doing disrupts existing bulwarks of economic incumbents, which, in my view it does. With respect to banking Krugman seems to prefer models and 'stories' that have been known to be false for decades. Varoufakis's A Most Peculiar Failure sheds some light on the process that seems to predominate in academic economics. And I agree with Bill Mitchell that, in economics, motive is the primary factor.

Another line of analysis that has come out of the MMT camp is three sector national accounting. But perhaps that is also something that just might be true, along with double entry bookkeeping. Has Krugman engaged with the implications of three sector national accounting? I don't know. I would certainly be pleased were he to do so in a positive way. Likewise with stock and flow analysis, a la Wynne Godley. These are not approaches that are very hard to understand, even for non-economists, and they offer powerful new ways to look at the economy. If most economists spurn them the question is why. To this old cynic it seems that taking up these new tools would be tantamount to declaring that the emperor has no clothes. The Emperor wouldn't like that rude observation.

"It is not necessary to have hope in order to persevere."