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2024-05-13 Economy

Biden's Chair of Economic Advisors Ramble Incoherently

FWIW, Jared Bernstein has a degree in Music and in Social Work but heads the Council of Economic Advisors - he is asked a question about why the govt borrows money if it can print money
[BoingBoing] Well, um... the... uh... so the... I mean... again, some of this stuff gets... some of the language that the MM... some of the language and concepts are just confusing. I mean, the government definitely prints money and it definitely lends that money. Which is why, uh... uh... the government definitely prints money and it lends that money by uh... by selling bonds. Is that what they do? They... they... um... they... yeah... they... they... um... they sell bonds. Yeah. They sell bonds, right? Since they sell bonds and people buy the bonds and lend them the money. Yeah. So, a lot of times, a lot of times, at least to my ear with MMT, the language and the concepts can be kind of unnecessarily confusing, but there is no question that the government prints money and then it uses that money to um... uh... eh... uh... so... um... yeah... I... I... I guess I'm just... I don't... I can't really ta- I don't... I don't get it. I don't know what they're talking about, like... cuz... it's like, the government clearly prints money. It does it all the time, and it clearly borrows. Otherwise we wouldn't be having this in.. this conversation. I don't think there's anything confusing there." # id) ?>

Posted by Lord Garth 2024-05-13 00:00|| E-Mail|| Front Page|| [1817 views ] Top

1 Is this idiot trying to talk about modern monetary theory?

Posted by Secret Master 2024-05-13 00:07|| 2024-05-13 00:07|| Front Page Top

2 Only the finest from this administration.

Posted by Raj 2024-05-13 00:56|| 2024-05-13 00:56|| Front Page Top

3 If you are a moron and you appoint even bigger morons to positions beneath you, you tend to look like the smartest person in the room. The Biden strategy?

Posted by JohnQC 2024-05-13 09:14|| 2024-05-13 09:14|| Front Page Top

4 "What is ~~a woman~~ money?"

Posted by Skidmark 2024-05-13 10:03|| 2024-05-13 10:03|| Front Page Top

5 I watched that a couple of days ago. We are screwed.

Posted by Deacon+Blues 2024-05-13 11:04|| 2024-05-13 11:04|| Front Page Top

6 Just think about this for a moment - the most suitable person Biden has / had at the Cabinet or equivalent level was freaking Marty Walsh at Labor, a Teamsters goon.

Posted by Raj 2024-05-13 11:17|| 2024-05-13 11:17|| Front Page Top

Posted by NoMoreBS 2024-05-13 15:22|| 2024-05-13 15:22|| Front Page Top

8 In my humble opinion, Harry S Truman was the last good Democrat president. I especially like that quote.
So many politicians - of both parties - show it.

Posted by Rambler in Virginia 2024-05-13 15:48|| 2024-05-13 15:48|| Front Page Top

9 /\ An opinion shared by many.

Posted by Besoeker 2024-05-13 16:43|| 2024-05-13 16:43|| Front Page Top

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