This is a critical post about my third post “Balance Sheet Monetary Policy: A Primer.” Stephen makes serious points that cannot be answered quickly and will have to be answered in the course of major posts sometime down the line. For now let me just welcome his characterization of my viewpoint as “The Conventional View.” What I said in my post may be controversial–as it should be given how new it is to use balance sheet monetary policy in a big way. And I explain balance sheet monetary policy without pulling any punches. But my views on this are fundamentally mainstream views about how the world works. I am not out on the fringe in how I am looking at things.