posted in this chain as well that you have not responded to. I do understand that you are busy and do not expect a response to everything, so I appreciate any opportunity to interact as I believe the framework you have laid out is very effective in understanding monetary policy. I would be happy to take this to a different forum if that makes it easier on you. As you wish. Martin, imports are a benefit at full employment. Otherwise, the importing nation is exporting jobs, as your example notes, so that the real terms of trade may be even or negative considering the output gap. The point of MMT is that a monetarily sovereign government issuing a nonconvertible floating rate currency like the US can run full employment with price stability using the principles of functional finance. In fact, it is imbecilic not to do so, because falling short of full employment implies an output gap that represents foregone opportunity. Therefore, MMT concludes that the government should run full employment along with price stability and not be concerned with the level of imports. If there is a CAD and the private sector wishes to save, too, then the government just runs an offsetting deficit. If inflation should threaten, then taxes are raised to withdraw enough nongovernment net financial assets to cool the economy without leading to unemployment. Warren may have a different answer for you, but that is how I understand it. sorry again. please repeat and I'll now