The dollar has no intrinsic value beyond its ability to discharge federal tax obligations. Only resources and labor have value. The dollar is simply the unit of measure we have agreed to use to denominate those values.

The NBA has an infinite number of points to award for making baskets and Congress, as the monopoly issuer of the US dollar, has an infinite number of dollars to spend. The difference is that the NBA has no reason to account for the total number of points it has awarded all teams since its founding because the number would be irrelevant.

MMT doesn't deny that spending "CAN" produce inflation. It simply states that inflation is not a direct result of new money creation and that Congress is not allowing the economy to stretch to its potential by focusing a debt that isn't really a debt in the common use of the term. It neither needs nor uses taxes or bonds to "fund" its spending because the dollar is self funding by authority of the Constitution. It must be created by federal deficit spending prior to being collected or borrowed.

The current holy grail of Congress, a balanced budget, claws back all payments the government makes to the private sector for the real resources and labor government uses and, over time, will deplete the economy of its potential to save or retire private bank debt.