It's a shame that a guy as brilliant as Wray doesn't quite understand that the "public sphere" is nearly always code for private interests expressed through political power.
This gap in understanding is one of the things that has given rise to the post-Modern Monetary Theory movement of Modern Monetary Realism.Read it at CNBC | NetNet
David Brooks Does Modern Monetary Realism
by John Carney | Senior Editor
Well, I guess the battle lines are drawn, and it's neoliberals and Libertarian Austrian schoolers against Post Keynesians. What else is new, other than now both left and right understand monetary operations and monetary economics, thanks to the contributions of Post Keynesians, Circuitists, Warren Mosler's Soft Currency Economics, and MMT's operational analysis.
On the other hand, the debate can now be reality-based, where the major disagreement over arises from political persuasion concerning policy determined by right wing supply-side macro analysis and policy proposals, and left wing demand-side macro and policy proposals. That is, if both sides agree on operational analysis. I suspect it will turn out that they don't. As physicist J. A. Wheeler said in effect, values are determined by the questions we ask of reality. Different viewpoints are constructed from different norms and criteria, and result in different perceptions of the putative facts.
This is to be expected from financial professionals. The financial world was never going to buy in to MMT. They will simply adopt what is useful to their purposes.
BTW, following John's line of thinking that "the 'public sphere' is nearly always code for private interests expressed through political power," the recourse is to get the money out of politics with a constitutional amendment, lock the revolving door, and tax away economic rent.