[orlandob]

There is one major difference between households and sovereign-currency Governments: households can't create the money they use, but Governments can.

"So you're saying government debt doesn't matter? What about Zimbawe, Argentina, Japan, Pre-WWII Germany?"

First, I'm not saying that Government debt doesn't matter. Like all things, there are limits. What I am saying (and MMT says) is that there are conditions under which increasing national debt make sense - notably high unemployment and underemployment. ONLY the Government can kickstart an economy in this scenario. In those hyperinflation cases, you saw Governments whose debt was denominated by foreign currencies and they tried to print their way to solvency, which of course failed.