Biden’s Top Economic Advisor on Money, Debt and MMT: “I Don’t Get It.”
A interview clip with Jared Bernstein, President Biden’s top economic advisor, went viral this week. At first glance, it’s a shocking wake-up call about how incompetent our leaders and policy-makers can be, especially when it comes to economics. However, it also raises important questions about modern monetary theory, the Federal Reserve, and the risk of hyper-inflation. As an economics nerd, I can’t resist sharing my thoughts to close out the week!
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#economics #federalreserve #inflation
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Hi there friends and families, when I saw this clip of Jared Bernstein go viral, my jaw really hit the floor. On multiple levels it underscored how deeply, deeply broken our understanding of economics truly is at the highest levels. My first swing at this was close to an hour long, and maybe we'll make that available as well, but in the interest of sparing you excessive ramblings about the suspension of the classical gold standard, etc, I thought we'd cover the basics first. We'll be be doing much more around economic basics, as always, through the lens of what we as parent should know and help our kids understand in a world where CLEARLY our schools aren't up to the challenge. If you want to go deeper right now, a good place to start is my conversation with economist Russ Roberts here: kzread.info/dash/bejne/k4h_xaydl92dhZc.htmlsi=P4v6cTC5K5O9vnzO If you really want to geek out on Monetary economics and MMT (as well as understand exactly why MMT is nonsense) I strongly recommend you check out this write-up by my friend and monetary theorist Scott Sumner: www.econlib.org/library/Columns/y2021/SumnermodernmonetarytheoryPartI.html
@martykimble9999
Ай бұрын
Elderly people are more susceptible to money scams!
@stratcaptain66
Ай бұрын
The current monetary system is a giant scam, income tax is just harassment of the citizenry, the “debt” is unconstitutional, unlawful and illegal. The whole fractional reserve banking system is a Ponzi scheme. The faster this system crashes the better, because then the powers that be won’t be in the position of running the next system. What do I want to see next? I recommend a sound monetary system please and thank you.
@JohnSmith-yl6dn
Ай бұрын
Jarrod Bernstein is a doosh.
@kevinthekrazy1320
Ай бұрын
When a bank buys bonds its printing money. When the public buys bonds its not as that money is existing.
@guylindquist338
Ай бұрын
It's not the advisor that is dumb, it's the Federal Reserve System. I fear that most people missed the whole point. Yes, that guy did get the lender and borrower reversed - for that he is dumb but it's that system that is dumb.
People try to predict the economy not realizing it is not a capitalistic market, its a command economy, central planning! my concern is, instead of having much dollar in bank that could lose value to inflation, do I save in gold to reserve and grow wealth for now, or just hang on?
@PatrickFitzgerald-cx6io
Ай бұрын
truth is that gold serves as an inflation hedge in the long run, but not profitable in the short run. only thing you can predict is a strong effort of wealth transfer from the people to the powerful. luckily some folks find solution in financial advisors
@KaurKhangura
Ай бұрын
I wholeheartedly concur; I'm 60 years old, just retired, and have about $1,250,000 in non-retirement assets. Compared to the whole value of my portfolio during the last three years, I have no debt and a very little amount of money in retirement accounts. To be completely honest, the information provided by invt-advisors can only be ignored but not neglected. Simply undertake research to choose a trustworthy one.
@brucemichelle5689.
Ай бұрын
Impressive can you share more info?
@KaurKhangura
Ай бұрын
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Colleen Rose Mccaffery” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
@brucemichelle5689.
Ай бұрын
Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.
When the top economic advisor in the country has an art degree, I know that nobody at the top cares anymore.
@ricksemeniuk629
Ай бұрын
I'm guessing the only reason he is handling money affairs is because he is a jew.
@gilraybaker826
Ай бұрын
That's where he learned to paint himself into a corner.
@johnnyredux4019
Ай бұрын
That so-called advisor (he's really a blocker) knows the truth, he is just afraid to discuss how his friends at the (non)federal reserve steal the money by lending it to the government at interest, which mathematically can never be paid back, so more and more must be borrowed. 😮😮😮😮😮
@yashpatel261
Ай бұрын
We should have exams for holding office. Democracy is failing us and we are electing morons who are good at social stuff. We need competent people in power not phony people.
@johnnyredux4019
Ай бұрын
@@yashpatel261 You actually believe we are electing these people? They are selected by the evil little clique of overlords who run things behind the scenes. All by design.
The LAST person I would take economic advice from was Biden's economic adviser. Our economy is a complete MESS!
@typeviic1
Ай бұрын
Yeah, the service sector has been the largest US employer for decades.
@DrunkArtTeacher
Ай бұрын
Guy doesn't even know what he is talking about w....t.....f..... Biden and his supporters are brain dead idiots at this point ....no reason to be on the guys side other than stubbornness or ignorance
It fills me with rage to think that they actually believe most of us are that stupid. It fills me with terror to realise that, for the most part - they're right. I have watched the eyes of grown adults glaze over when I try to explain these things to them. Most are far more interested in what is on Netflix tonight, or which team is going to make the playoffs. It fills me with sadness to realise that maybe we get exactly what we deserve.
@user-ec3rm9wr1n
Ай бұрын
😂😂😂 it's okay it's all love and stupid
@GoldberryIsland
Ай бұрын
Maybe some people should move to Cuba and stop forcing this garbage on us.
@l.a.mottern3106
Ай бұрын
Most frightening time in the history of the United States.
@dorothymartin8557
Ай бұрын
Americans now are completely economically ignorant, and we are ruined.
@dascarter1
Ай бұрын
"The educational system won't be fixed. They want people just smart enough to do menial jobs, and stupid enough not to know how they are being screwed over." to paraphrase George Carlin
They raise interest rates, but then continue their obscene overspending and money printing. Such a mess
@eabhaconnor2
Ай бұрын
They stopped printing money when they started hiking interest rates. That's the literal meaning of quantitative tightening.
@michealpnoel
Ай бұрын
yes, my point being why go through this process if you will continue overspending and devaluing the dollar either way. It’s a mess, we wouldn’t be in this spot if our government could run a budget. On a personal note I've worked closely with my advisor to grow my portfolio from $200k to $4.8 million through stock trading because as a businessman, I prefer to invest my money rather than let it sit idle and lose value over time due to inflation.
@jackwpetrov
Ай бұрын
Despite the ups and downs in the stock market, you've managed to turn your investments into good profits. Could you share the name of your advisor? I have $300k saved up and ready to invest. Letting money sit idle isn’t my style as well, I’d rather put it to work and keep it growing.
@michealpnoel
Ай бұрын
She is well known as - Chasity George Charles. please do your own research.
@jackwpetrov
Ай бұрын
I am on the look out for experts and after doing my research online will say she meets my requirements, Thank you for sharing with us. I already sent her a mail hoping she can make out time in her busy schedule to assist me.
Inflation is shifting wealth from the many to the few. Personally, I moved from guru advice to solid research and saw $1.1 million returns in a year. We need to pursue correct steps to drive real progress
@MichaelJaw-hv9uu
Ай бұрын
Printing money can undermine confidence in the currency. You mentioned returns. how do you know if its a result of research or luck? Luck in investing is often downplayed, but it's crucial. I've experienced this firsthand
@DaliTaliani-wz4ti
Ай бұрын
when its consistent, its not considered luck. research was the challenge till it led to Emily Ava Milligan, a top fund manager, her strategy made 290k into this and counting.
@MichaelJaw-hv9uu
Ай бұрын
I pasted her name into my browser, her website popped right up. Your example is rare, and tangible. I wish I had it to reference earlier. thanks for sharing
@PeterParkar-nk6dw
17 сағат бұрын
Mine mirrors yours. I'm on track again for a 112 k return, working with Emily Ava Milligan sets a high bar. The results I get are apparent in no time
Yes. Yes. Yes. America really is this mismanaged and screwed…
This is honestly the scariest thing I have ever seen. America’s leadership is economically illiterate and it is affecting the entire world. Such a shameful situation.
@dorothymartin8557
Ай бұрын
Most of the WORLD is also now economically ignorant.
@dashphonemail
Ай бұрын
He's not America's leadership. He's an advisor to America's figurehead leadership. The actual leadership definitely knows how the monetary system works
I’m getting more fit in my old age, I can now lift a $100 bag of groceries with one hand!
We are in so much trouble. The pilot doesn't actually know how to fly the plane we're all on.
The true Bulls**t is that when a politician uses the word 'economy' it's meant as a euphemism for the stock market. Regular people think it means jobs and stores and small businesses, like what I was taught in school. That's just not what they mean, they exist in a different world than we do. LOL you don't have to be smart to get a top position, you just have to do what the billionaires who write our laws want you to do. It was hard watching your head repeatedly explode.
@DadSavesAmerica
Ай бұрын
I'll take wise and humble over "smart" any day of the week.
@airman122469
Ай бұрын
Yeah, they’re not alone in that insane misconception. I had a conversation with a radiation oncologist about all of the economic bullshit going on and he was convinced everything was fine because the stock market was soaring. I was floored. This guy is literally in the top 5% of his field nationally, and he holds an MBA as well. It’s amazing how disconnected these people are from even fundamental reality.
We never should have left the gold standard
@DadSavesAmerica
Ай бұрын
Absolutely correct. But the key is that we never should have left the CLASSICAL gold standard, pre-Fed. Imagine this: before the Federal Reserve took over the money supply, companies could actually issue 100 year bonds! People felt confident enough in monetary stability that they'd lend a private company on a 100 year term. NUTS.
@ryannestor8563
Ай бұрын
Agreed 💯
@programking655
29 күн бұрын
@@DadSavesAmericaAnd you’re completely ignoring that recessions happened all the god damn time until the Fed was created. Getting rid of the Fed and returning to the gold standard is a horrible horrible idea.
@pentaxpro
23 күн бұрын
@@DadSavesAmericaIs there enough gold to go around? How about monetize different assets and create a basket of them?
Peter Principle!!!😂😂😂😂 Government doesn't print $$$, the federal reserve does
@Pathippie
Ай бұрын
Thank you.
@Ratimir101
Ай бұрын
It is so enraging that people so dumb are astroturfed to such positions
@zeenat1196
Ай бұрын
@@Pathippie Guess who is on the Board of Governors of the Federal reserve sys. The ones who are in charge....they also own the Banks!!
No wonder the economy is so screwed up. Inflation is always caused by the government, it's basically a tax.
@DadSavesAmerica
Ай бұрын
Correct.
@Pathippie
Ай бұрын
The most insidious tax!
@EverettBurger
25 күн бұрын
A tax on the poor
What a truly awesome display of incompetence.
Anyone who has spent time studying the history of debt based fiat currencies knows exactly how this ends. It has happened countless times throughout history. Over the last twenty five years anytime I heard a politician(s) say we’re going to lower the debt or deficit I think things either they're liars or they’re economically illiterate.
@ricksemeniuk629
Ай бұрын
A Jewish characteristic
They don't get it, and that is the entire problem.
The best explanation of the US economy I have seen yet. Great one man.
I seen that. I've know our economy was getting bad even before the 2008 GFC. And I know it wasn’t ever fixed but made far worse. And nothing much surprises me anymore. But when i watch Biden's top economic advisor babble through a basic economic question I knew the economy has entered another phase of stupidity. Times short.
The only one confused here is biden’s economic advisor!
"Margin Call" movie. CEO comes in and says, "Talk to me about our problem and speak to me like you would a small child or a golden retriever" You call it. Is Biden's advisor a small child or the golden retriever. (Golden retrievers are pretty smart dogs.)
@oldarkie3880
Ай бұрын
This guy is not as smart as a golden Retriever but is far more dangerous.
"....my labor stored to be deployed later" BRILLIANTLY PUT!!!!!
It’s wild we’re even talking about modern monetary theory. Ask Zimbabwe or the USSR how that worked out for them. Hint: it was a disaster. Why are we even talking about this garbage theory?
@Pathippie
Ай бұрын
Because we are ruled by psychopaths.
Thank you for explaining government driven inflation so clearly. Economic education in the US needs to be improved at the high school level to even attempt to influence naive voters.
So glad to have found this channel!
Lenin is said to have declared that the best way to destroy the capitalist system was to debauch the currency. By a continuing process of inflation, governments can confiscate, secretly and unobserved, an important part of the wealth of their citizens. By this method they not only confiscate, but they confiscate arbitrarily; and, while the process impoverishes many, it actually enriches some. The sight of this arbitrary rearrangement of riches strikes not only at security, but at confidence in the equity of the existing distribution of wealth. Those to whom the system brings windfalls, beyond their deserts and even beyond their expectations or desires, become 'profiteers,' who are the object of the hatred of the bourgeoisie, whom the inflationism has impoverished, not less than of the proletariat. As the inflation proceeds and the real value of the currency fluctuates wildly from month to month, all permanent relations between debtors and creditors, which form the ultimate foundation of capitalism, become so utterly disordered as to be almost meaningless; and the process of wealth-getting degenerates into a gamble and a lottery. Lenin was certainly right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose. --John Maynard Keynes, The Economic Consequences of the Peace, 1920
@gormenfreeman499
Ай бұрын
Then stalin and those guys never figured out how to make people be productive without money and kep using money and telling its citizens the inflation will eventually bring the utopia. Then after awhile citizens starting questioning that and the soviets actually started to reverse course and try to stop inflation, but they never really delivered their promised of getting rid of money and eventually collapsed because even the political class there itself simply didnt believe it anymore
@reneestevez7193
Ай бұрын
Too bad that with such a brilliant mind Lenin could NOT figure out how to improve his own people's wealth. Instead he condemn them to obscurity and represion.
They just pretend like they know what's going on
@thatwasprettyneat
Ай бұрын
They pretend like they *don't* know what's going on. It's the government's job to play dumb.
😱 we 🇺🇲 are in big trouble ‼️ 🙏🙏🙏🙏🙏🙏🙏✌️
Right on, Dude! That was an excellent explanation - best i ever heard. Wish everyone could hear it and care about govt debt.
@DadSavesAmerica
Ай бұрын
I really appreciate that.
This is the first video of yours I ever seen and it’s excellent.
@DadSavesAmerica
Ай бұрын
Thanks! Stick around!!
Great video. I began studying economics, finance, and the banking system 13 months ago. You've articulated in 14 minutes what has left me exhausted trying to explain to people who mostly just don't care.
@DadSavesAmerica
Ай бұрын
Thanks! Now you can share this to start off a conversation! Be sure to subscribe for more to come, including a follow up where I take on some of the comments on this video!
"Why are we borrowing in a currency that we print ourselves?" is an excellent question.
I am NO ECONOMIST. However, I understand pure Bull Shit when I hear it. I do understand why I BUY gold, and always will with people like this who holds power. This is very painful to watch and should scare the hell out of anyone who pays attention to this kabuki theater.
Printing money means raising in flation sky high!!! Hahaaa😂😂😂
There is nothing federal about the federal reserves 🤣
Glad you shared this video "Dad Saves America ". I agree with you.
Definitely helpful, and would love to hear more on this topic.
@DadSavesAmerica
Ай бұрын
More to come!
@christianholloway
Ай бұрын
@@DadSavesAmerica Maybe some content on Bitcoin. Your thoughts on how many people, like Robert Breedlove, Anthony Pompliano, Michael Saylor, etc continue to advocate for Bitcoin as a superior monetary asset.
Excellent summary.
Hi John @DadSavesAmerica! I admire your "stomach" and the patience to watch this type of nonsense and resume it to us. Thanks!
Man are we screwed with a uninformed government know it all .
That guy looks like Leslie Nielsen. Just as comedic.
More, more, MORE! Love this. Most of us just want to live our lives, go to work, buy some nice things, and retire and take a trip to (name your favorite country) once a year. Unfortunately, "us" don't understand economics to good! I love this discussion and think our schools should be teaching, even the basics of how our gov't works, free-markets, communism, the good, bad and ugly.
Govt moves money from young to old n drops bombs😂 legend bro
manager salary in 1972= $9,000 per year or 250 gold coins. 2023 value $580,000
MMT is garbage. If government debt doesn't matter then why bother with taxing?
@realchicagophill
Ай бұрын
Taxing is what gives value to the money. It forces you and me and everyone to use the money. When money is taxed by federal government, the money no longer exists in the economy. Money is printed to be used and taxes take the money that is no longer being used out of the system. The reduced amount of money in the system drives the demand for money up. Supply and Demand. When millionaires and billionaires don’t pay their fair share, which is 70% of them, they are stealing from the public resources that the rest of us should be getting. Our standard of living falls when taxes aren’t paid. Taxes aren’t an evil plot against you. They are the fundamental design of a capitalist system. You love capitalism don’t you?
@DadSavesAmerica
Ай бұрын
@realchicagophill Thanks for weighing in... but this is false on multiple levels. Each sentence has mistakes, just about. 1. Yes, the need to pay taxes in the national currency DOES create a use for that currency, but it's one of many. And as we've seen, the value of currencies and inflation rates vary WIDELY between countries. High tax countries can and often have had higher inflation than low tax countries. That's because money's value is determined by the supply and demand for the money itself. Hyper-inflation societies have had high taxes. Also, foreign holders of dollars do not primarily do so because of paying taxes. They acquire them through trade and they hold them to use in trade and exchange. 2. "The reduced amount of money in the system drives the demand for money up. " - um... nope. Reducing the supply of a good does not change the demand for that good. They are two separate things all together. This is econ 101. Reducing supply (a shift in the "supply curve"), will increase the price. If OPEC cuts back oil production, it has no impact on the demand for oil, it raises the price, all else being equal. 3. "When millionaires and billionaires don’t pay their fair share, which is 70% of them, they are stealing from the public resources." Nope. First of all, America has the most progressive tax system in the OECD. We fund our government to a larger degree than any other nation on the backs of our highest income earners. Period. That's a fact. The reason is the rest of the OECD uses a VAT/sales tax which is very regressive taxation. Wealth is not a zero-sum game. Steve Job didn't steal anything from anyone to acquire his wealth. The taxes he paid FAR outstripped the cost and value of government services he received. You seem to be assuming that all income is first the property of the state, that we are slaves, and that whatever we are allowed to keep is a gift from the state. 4. "Our standard of living falls when taxes aren’t paid." um... maybe... for some people, some of the time. Not necessarily for most people, most of the time. How does the funding of the military industrial complex increase our standard of living? Corporate bailouts? Massive farm subsidies to often wealthy farmers? Whether or not our taxes raise or lower our living standards is entirely dependent on whether the funds are deployed in ways that improve people's lives MORE than if they were left in the hands of public to use as we all see fit. If you take my money and waste it, you've not only made me poorer, you've made society in the aggregate poorer. Opportunity costs are one of the core concepts of economics. This is the heart of the question of socialist calculation and why central planning fails. No central planner can marshall the decentralized knowledge, nor do they have the incentive, to spend resources wisely. Even if they're selfless angels, they don't know what is needed, when and where, and in what amount. They lack the continual 24/7 feedback mechanism of competition, profit and loss, etc. Does that mean there should be no government at all? Not necessarily. But I would certainly argue that we are LONG PAST the amount of government spending that passes the cost/benefit test for its competence.
@airman122469
Ай бұрын
@@DadSavesAmericaPerfect summation.
@r2dad282
Ай бұрын
These people, walking around with nonsense in their heads about economics, get to vote. Even children understand there is no such thing as free lunch.
@snizzypoosexcellentspooner2468
Ай бұрын
@DadSavesAmerica wow, I feel like I'm reading Friedman all over again. Very well put. Subscribed!
Thank you for a very clear breakdown on this matter! Hope more people will understand this 🙏
What an embarrassing garble of ♉♉♉♉♉♉ from that guy
Believe it or not… this guy has a degree in music
It's nice to see Joe has a friend
This and many other truths about money is what we need to be teaching kids in school. Keynesian economics and MMT will destroy our society. We need leaders who learn from the mistakes of the past instead of repeating them. We need to cut spending, grow the economy and decentralize power, both in the public and private sectors. I personally have a deep distestane for large banks and private equity.
Love Dad Saves America
@DadSavesAmerica
Ай бұрын
Right back at ya!
Congrats to that advisor of the government. They put everything upside down. Politics, law, morals, economics and, and, and.
Thank you for this. Great job!
The borrowing of money and printing of cash are essentially the same process. The Federal Reserve is not the Federal Government. The Treasury borrows money by selling bonds and the Federal Reserve (digitally) creates the cash.
Great video Sir. You just got my subscription
This was an exceptional video....Thank you for sharing real information.
@DadSavesAmerica
Ай бұрын
Thanks for watching! Hope you stick around!!!
People are finally coming around to “inflation is taxation”…. Took you guys long enough.
The process of printing money needs better securities than what's currently in place.
73% of Federal Government spending ($4.6 trillion in 2023) is on entitlements (mandatory spending) SSI SSDI Medicare, Medicaid, food stamps, interest on the debt...) Major entitlement programs and interest will be responsible for 82 percent of projected spending growth over the next 10 years. The total federal debt burden per U.S. household is $250,000
Hello friend. Just admireing the wood foregrip on the AR behind you.. where did you find it.
What is also scary is that when you allow the government to just print money and not tax it and limit it's spending, you are making it no longer a democracy where tax payers are involved indirectly in the process of allocating that money to public goods and services. Hence the unhinged military and war spending despite the negative public opinion.
This is one of Biden's financial economics advisor holy chit cakes.
Why are we paying taxes then?
Ronal Reagan: "We know now that inflation results from all that deficit spending. The government has only two ways of getting money other than raising taxes. It can go into the money market and borrow, competing with its own citizens and driving up interest rates, which it has done, or it can print money, and it's done that. Both methods are inflationary."
This is not surprising because if you look at Bernstein's education, his undergrad was in music, and he has a master's and PhD in social work. No formal education on economics, so how did this social worker/ musician get into economics? I don't know the answer, but the other interviews I've seen with Bernstein has him just repeating the administration's talking points, like we've done something for inflation by lowering the price of insulin. Part of this problem is because Biden's top 30 appointees don't have any business experience, except Mayor Peter, who worked for McKinsey for 4 years right out of school. They don't understand how business and the economy work.
It's hard to start a lie but when you get it going, boy oh boy😂😂😂😢
If ever there was an advertisement for buying gold that is it.
If the government can truly print all the money needed without consequences why is it necessary for people and corporations to pay taxes? MMT is insane.
I have a several decades old undergraduate degree in economics and now it makes perfect sense to me who the supporters of CBDC (central bank digital currency) are - they're the idiots behind the Monopoly game money theory of Modern Monetary Theory (MMT). Currency traditionally had been coins struck out of gold or silver, then paper certificates were printed in lieu of the need to carry around bags of coins. These paper certificates were backed by gold or silver and were able to be redeemed on demand by the holder for the equivalent value of gold or silver. Then the government went off from being backed by the value of precious metals to fiat currency. This fiat currency is just a way for the government to say, yah - it's still good for all transactions and for paying off of one's debt (so trust us and please use it). But in order to create $1 of USD fiat currency, Treasury debt of $1 had to be sold on the open market. Not only that but Treasury debt instruments (notes, bills & bonds) needed to pay interest in order to entice people to purchase Treasury debt. The U.S. national debt (aka: sovereign debt) is so huge because politicians are spending more money then they collect in revenue. So imagine an average Joe (not Joe Biden because he knows jack squat about money management) who before taxes has annual salary of $50,000 but takes out credit card after credit card and amasses a total debt load of $5 million. The interest on Joe's debt alone can't be paid off - what do you think happens next? Well that's essentially the U.S., if nothing changes (regarding the political elite spending like drunken sailors) the interest on the national debt will equal the entire national budget! Presently, the interest on the national debt exceeds the annual military budget! The U.S. is endanger of a worse economy crisis than post WW1 Germany! MMT supporters think that printing money not even backed by debt will solve the problem, unfortunately it will only exacerbate the problem. This wouldn't be fiat currency (which is backed by debt), MMT dollars would be the equivalent of printing Monopoly game money. Who the hell would accept U.S. Monopoly game currency for international payments - no one! Which is why if all Western countries go with CBDC, then they can print all the electronic currency they want and not sell debt instruments in order to create this worthless digital currency! But CBDC is not the solution to the sovereign debt international crisis, backing currency by physical assets along with governments severely restricting the size of their payrolls and the scope of their budgets is the only way forward.
@RonaldSkancke
Ай бұрын
Gee wiz. I sure hope more than 2 people understands this. Wishing for something to be untrue doesn't make it so.
New Sub, this man is so base. Aside from Peter Schiff, finally more people on KZread who are educated to talk about economics. I naturally arrived at the same conclusions as Adam Smith and Austrian Economists by being born and raised in CA. I know now that economics (free markets) is not invented, it is discovered. Many do not understand economics because of all the noise of political systems. There is a reason the first chapter of Thomas Sowell's book on basic economics is "trade offs".
The irony is that most people knowingly support this process via their taxes. Only a few have learned how to avoid paying taxes and it is legal to do so.
The question should be why do we print when we can borrow, not other way around
The problem will MMT is if you allow governments to print money with no ceiling you increase the quantity and availability of money. It is an inflationary policy that say no worries you'll just make more wages to compensate for this discrepancy.
This confirms what we already suspected
Remember, the world's bond markets are around nine times the size of the world's stock markets, in terms of capital parked there. And to think, western governments are looking to default on their sovereign debt at some point during this decade, and introduce a CBDC.
@happyappy19931
Ай бұрын
One world currency coming up
You’ve got to be kidding me
It would be great to add the international piece. What happens to the global monetary system if the US just starts using Monopoly money openly?
@user-ec3rm9wr1n
Ай бұрын
Magic time ✨🪄😀✨✨🪄 call the wizards 😂😂😂😂😂
Such an embarrassment 😬😬😬
I sincerely appreciate this video
I can’t stand that when I engage in conversation of economics and bring up the Keynesian ideas…..and just get very confused looks……I just give up. Lol
Great video! Very very few people in the U.S. even understand the basics.
Frito: I can't believe you like money too. We should hang out.
uhhh....Jared's education: "Bernstein graduated with a bachelor's degree in music from the Manhattan School of Music where he studied double bass with Orin O'Brien. Throughout the '80s, Bernstein was a mainstay on the jazz scene in NYC.[citation needed] He is of Jewish descent.[9] He also earned a Master of Social Work from Hunter College as well as a Doctor of Social Work in social welfare from Columbia University's school of social work in 1994."
I remember when criticizing any part of US capitalism was taboo. Nice to see that criticism is alive and well.
The Biden economic top dog said: "I don't think there's anything confusing there." Frankly, I'm totally confused. What the hell is he talking about?
I believe that Poncho Villa tried that in Mexico and it failed spectacularly
The best explanation about money-cranking ever.
Love video. When anybody talks about the government printing money, I find it strange that few people ever mention how the real creators of the majority of US dollars, the commercial banks, fit into the picture.
@DadSavesAmerica
Ай бұрын
The fractional reserve banking system does have an effect on monetary policy that is complex. But it's not limitless. Despite what some people claim, banks cannot simply "create money". The broader money supply measures ARE ultimately constrained by the supply of "base money" controlled by the Federal Reserve.
It is SCARY
Oh my gawd... I don't blame him for not understanding MMT. The term Modern Monetary Theory has the word THEORY in it. And so I kinda' expected some theoretical framework that satisfy the DESCRIPTIVE side of things, followed by some ethical positions about what our priorities should be, which ultimately should lead to a PRESCRIPTIVE policy position, or in other words, a DOCTRINE. But no. MMT is just a bunch of policy prescriptions with no explicit theory or ethical justifications to back them up. Am I wrong? Am I missing something? Because I swear, I tried very hard to figure out what these people actually believe. ...but I get the feeling that they don't wanna' tell me.
WRONG DURING COVID I GOT NOTHING FROM THE GOVERNMENT BECAUSE I DIDNT HAVE A BANK ACCOUNT OR MAIL BOX
Maybe we should talk about the Federal Reserve and WHO they are and how it works
I am stealing your analogy of selling everything and taking your money to a desert island.
@DadSavesAmerica
Ай бұрын
It's not mine... but steal away!!! Ideas are meant to be shared.
Great video; I think a lot of people don’t understand that money is just a representation of labor, it’s what allows us to trade our labor for the goods and services we want. The Federal Government is “printing excess labor” which devalues real labor, which is why our dollars (labor) are worth less.
Government is terrible at my job. Whenever they try to regulate business they mess everything up. They need to stay out of our lives.
So, it's finally happened. The inmates have taken over the asylum. I'm not an economist and I don't understand economics but I have tried to educate myself. I read Stephanie Kelton's book and it made a lot of sense at the time. But I'm a Brit and I wondered how it worked in the UK, we have a fiat currency after all. That's when I started to discover things that didn't fit with the story. The first thing was this. Kelton says that when we pay tax it doesn't go into a special bank account. All that happens, she says, is that our tax debt and the money we pay simply self destruct in a mutual puff of smoke. But in the UK there is a special bank account where all tax revenues go and where all spending has to come from. It's an account with the Bank of England called the Consolidated Fund and it's purpose is as stated on the UK Governments website to receive all tax revenue and where all spending should come from. Any over spend has to be covered by borrowing. The second thing is that she says that the government creates all the money. But on the Bank of England website you can download documents which say that the Bank of England does not create money, commercial banks create the money. I have seen it said that in fact the commercial banks are only operating as agents of the government but I'm not sure about that. So now I'm as confused as ever.
When do the MMT guys talk about wealth expropriation from the masses?
As Walter Williams defined money, it is a certificate of service.
This guy is no Austan Goolsbee.