Interesting read on MMT

The author states:

"Yes — It poses no inherent danger to states that issue their own currency"

"In truth, currency-issuing governments can safely spend without borrowing. "

Not worried about the US...

Source: https://www.ft.com/content/53cb3f6a-895d-11ea-a109-483c62d17528 (paywall)

If DeFi moves into less collateralized lending wouldn't we need some kind of "lender of last resort", just like the FED but for the blockchain? Also in cases when decentralized liquidity pools get low, a central autorithy being able to inject new liquidity (algorithm, DAO, etc.) would make sense.