The government has never run out of money to pay staff and agencies. When the head count has to go down then they hand out redundancies. It always pays out contracts. Governments by design cannot default. So, MMT explains government relationship with money.
Fractional reserve lending is only available to licenced entities, not to private entities.
So MMT explains what happens at the big end of town, whilst other money theories can explain what occurs with the general public, especially in terms of credit ratings.
The dividing line in the sand is debt deferral. If you can't defer debt then you fall down below the line. If you can differ debt then you are above the line
