I know I should become thoroughly familiar with the principles of MMT but being an impetuous septuagenarian, here goes.

What constrains a sovereign currency nation from funding all of the government/public sector budgets of all of its subordinate political jurisdictions (55,000 plus here), bypassing bond markets, and issuing to these entities interest free credits/currency?

Well, I woundn’t know, not being an expert just a73 y/o someone looking for a better way to view the universe.

Thanks for the feedback.

Have you done the Diane Rhem’s Show or anything at MSNBC, King World News?

I wish you and your outstanding group of colleagues would go “real big time media” between now and June. Just getting the OWS folks to focus on facts like, “the U.S. can’t go broke”…”taxes don’t pay for anything”…”zero interest rates are good”, and being the “sole issuer of the currency” would stir the pot of political discourse enough to get the Tea Party to wonder about its harboring deficit terrorists.

Again, thanks for your brilliant insights.

Yeah, that’s the conventional view you’re expressing there. But as Warren notes (with my emphasis):

I’ve heard it all, and it’s all total nonsense. We are
benefiting IMMENSELY from the trade deficit. The rest of
the world has been sending us hundreds of billions of dollars
worth of real goods and services in excess of what we send to
them. They get to produce and export, and we get to import
and consume. Is this an unsustainable imbalance that we need
to fix? Why would we want to end it? As long as they want to
send us goods and services without demanding any goods and
services in return, why should we not be able to take them?

There is no reason, apart from a complete misunderstanding of
our monetary system by our leaders that has turned a massive
real benefit into a nightmare of domestic unemployment.

Recall from the previous innocent frauds, the U.S. can
ALWAYS support domestic output and sustain domestic full
employment with fiscal policy (tax cuts and/or govt. spending),
even when China, or any other nation, decides to send us real
goods and services that displace our industries previously
doing that work. All we have to do is keep American spending
power high enough to be able to buy BOTH what foreigners
want to sell us AND all the goods and services that we can
produce ourselves at full employment levels. Yes, jobs may be
lost in one or more industries. But with the right fiscal policy,
there will always be sufficient domestic spending power to be
able to employ those willing and able to work, producing other
goods and services for our private and public consumption. In
fact, up until recently, unemployment remained relatively low
even as our trade deficit went ever higher.