I think the MMT perspective -- which is really just stock-flow consistent Post Keynesian economic modeling by another time -- is, technically speaking, unimpeachable. It's really just what happens when you insist that your macroeconomic treatment of money and deficits takes accounting as if it actually exists.
Here is a better explication on the matter by Mosler:
Economist Scott Fullwiler on central bank operations:
http://www.cfeps.org/ss2008/ss08r/fulwi ... ations.pdf
A response to critics from some of the best known MMT/Post Keynesian figures:
https://cas2.umkc.edu/economics/people/ ... %20MMT.pdf
Finally, if you would like to see full-fledged economic models in this vein, here is the best book on the matter -- everything Wynne Godley has written is great as well (sort of taking off from the "Yale school" of modeling after Tobin):
http://dl4a.org/uploads/pdf/Monetary%2B ... Godley.pdf