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The clip is from the new documentary "Finding the Money," and the filmmakers did an interview with Bernstein.
"The US government can’t go bankrupt because we can print our own money," Bernstein said.
If they print the dollars, why are we borrowing in a currency we print ourselves? the interviewer then asks.
"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 the government definitely prints money. Then it lends that money by, uh, by selling bonds. Is that what that they do?" Bernstein seemed to ask himself.
"Yeah, they sell bonds, yeah, they sell bonds, since they sell bonds, then people buy the bonds and lend them the money," he said confusingly.
"A lot of times, a lot of times, the language and concepts can be unnecessarily confusing," he declared.
He rambled a little more before he finally conceded, "I don’t get it. I don’t know what they’re talking about."
Sounds a lot like the Kamala Word Salads, and about the same amount of sense.
And how do you explain the inflation that raged right thru the 1970's? The high inflation started under Republican Nixon, continued on through Republican Ford and with Carter we had double digit interest rates.
And what did Nixon or Ford about inflation?
1970s inflation began with LBJ's spending on the Great Society and Vietnam, both of which were quite costly. Richard "We're all Keynesians Here" Nixon did little to alleviate that. Ford was not around long enough to do much of anything.
It was aggrivated by the Arab Oil Boycott and the Iranian Revoluton aka the twin oil shocks.
The Double Digit interest rates, courtesy of Paul Volcker, is what tamed inflation.
Of course, Joe Biden was in office during most, if not all of that. Clearly having a front row seat taught him nothing.
Gosh could all of the sky high inflation started under Trump when the covid scam hit, the economy was shut down, and Trump printed up a ton of money? << Nothing to see here, move along mundanes.
So you would agree that it is wrong to print a ton of money? If so, deflecting the blame to past presidents who created debt doesn't exonerate the current president who is creating debt. I was against the Trump stimulus package, but at least there was unanimous Congressional agreement that stimulus was necessary due to the exigency of Covid. Unlike Biden's stimulus package, which most of the responsible Congrespeople voted against.
Status:
"At the gun range or gardening."
(set 7 hours ago)
Location: Preskitt
1,174 posts, read 604,777 times
Reputation: 975
Quote:
Originally Posted by Kibby
Has anyone actually looked this guy up? What in the world is wrong with the Senate to put a Guy with a degree in Music, a PHD in Social work and a former Jazz Musician in charge of the US Economy???
He is a strong Progressive and was also in the Obama Administration.
"Jared is a brilliant thinker and one of my closest and longest-serving economic advisers," the statement added. "A former social worker, Jared was in the foxhole with me while I was Vice President, and he understands that a job is about far more than a paycheck, it’s about the dignity of work."
Bernstein opened talks on Modern monetary theory, which is way outside of standard
Economics. Sounds exactly like what a Musician/Social Worker would do with the US Economy and explains a lot about why we are in such a mess.
MMT is outside the mainstream of economic thought. According to MMT, governments do not need to worry about accumulating debt in and of itself since they create new money by using fiscal policy in order to pay interest. MMT argues that the primary risk once the economy reaches full employment is inflation, which acts as the only constraint on spending. MMT also argues that inflation can be addressed by increasing taxes on everyone to reduce the spending capacity of the private sector.
I realize the left worships credentials (vice competence) as being what matters the most in choosing a person to view as an "expert", but what happened to this guy? Degrees in music and social work?
What brought him up to be viewed as an economic advisor by these idiots?
Gosh could all of the sky high inflation started under Trump when the covid scam hit, the economy was shut down, and Trump printed up a ton of money? << Nothing to see here, move along mundanes.
Typical of a lefty, try to change the subject!
I don't blame you tho for wanting NOT wanting to talk about joe and the dems.
Has anyone actually looked this guy up? What in the world is wrong with the Senate to put a Guy with a degree in Music, a PHD in Social work and a former Jazz Musician in charge of the US Economy???
He is a strong Progressive and was also in the Obama Administration.
"Jared is a brilliant thinker and one of my closest and longest-serving economic advisers," the statement added. "A former social worker, Jared was in the foxhole with me while I was Vice President, and he understands that a job is about far more than a paycheck, it’s about the dignity of work."
Bernstein opened talks on Modern monetary theory, which is way outside of standard
Economics. Sounds exactly like what a Musician/Social Worker would do with the US Economy and explains a lot about why we are in such a mess.
MMT is outside the mainstream of economic thought. According to MMT, governments do not need to worry about accumulating debt in and of itself since they create new money by using fiscal policy in order to pay interest. MMT argues that the primary risk once the economy reaches full employment is inflation, which acts as the only constraint on spending. MMT also argues that inflation can be addressed by increasing taxes on everyone to reduce the spending capacity of the private sector.
Yes- That, more than anything, demonstrates that our nation is doomed.
When you have nearly half of the population ACTUALLY SUPPORTING AND VOTING FOR the worst president in US history, it demonstrates that dem voters are intent upon destroying the nation, or too dense to realize what the dems are doing. It is simply astounding that ANYONE with an ounce of sense would want a weak, inept, incompetent, demented man at the helm of our nation, particularly with dangers we will be facing from China and Russia.
Let's face it- Biden is not running the country, as he can barely perform daily living activities without help. The problem is that we have unknown, unelected individuals who are "calling the shots" and NO ONE has any idea of who they are or what they intend!
"When you have nearly half of the population ACTUALLY SUPPORTING AND VOTING FOR the worst president in US history"
No disagreement from me on the spending of the Uniparty, however, everything was better under Trump. EVERYTHING.
Comparing to Biden is setting the bar extremely low. Compared to where we should have been, he wasn't very good.
Quote:
Originally Posted by Pilot1
Nice personal attack, so I obviously hit a nerve. The flack is thickest over the target. I'm doing fine at this.
lol Well you are not. The economy wasn't very good under Trump even before the covid scam hit.
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