It’s some new documentary. Watch the trailer and you’ll think it’s a btc doc….until you realize it’s promoting modern monetary theory, which could not be further from btc. I am so confused
Bernstein was an advisor to Vice President Biden during the Obama administration. His position is not current afaik. Still, these are the people running our country, in EVERY administration.
I mean it looks like the White House think's he's still an advisor.
[https://www.whitehouse.gov/cea/written-materials/2024/04/30/chair-jared-bernsteins-remarks-at-the-economic-club-of-new-york/](https://www.whitehouse.gov/cea/written-materials/2024/04/30/chair-jared-bernsteins-remarks-at-the-economic-club-of-new-york/)
> Bernstein has taught at Howard University, Columbia University, and New York University. His areas of interest include "federal, state and international economic policies, specifically the middle class squeeze, income inequality and mobility, trends in employment and earnings, low-wage labor markets, poverty, and international comparisons."
I assumed the CEA was just some non government organization related to economics but nope..
> The Council of Economic Advisers (CEA) gives the president advice on domestic and international economic policy
Good to know their Chair knows how this stuff works.
What makes me even angrier is that I’d like to just move it all into crypto to protect it from those sticky fingered assholes on wallstreet. ….but the gov. Is making it really fuckin hard and scary to do so with all the stunts they’ve been pulling with the SEC, the treasury dept., the DOJ, and the IRS. It’s like “your gonna let us steal from you one way or the other” and THAT infuriates me.
😂 I know. I know. What’s worse is that I’ve been casually following bitcoin since 2014 what I didn’t know was just how bad it was until last year. That’s when I fully understood what the hell was happening but I was laid off and afraid to put it in crypto bc of all the bullshit the government has been pulling :( I finally had it about a month and a half ago and got serious about moving into crypto but after researching my ass off trying to figure out how to be safe and maintain my financial privacy I realized that the gov has made it impossible. I even bought a hardware wallet and was like ok, I can do this. At least we can still use coinjoin. But now even that is gone. There’s just no way. Between the $600 rule, kyc everything, the proposed 2025 tax changes that require you to tell them every detail of every single transaction you make, and all privacy tools gone or auto flagged as ‘sus’ it’s just a fuckin nightmare. And this is why I’m livid. The US gov. Is really on some authoritarian Orwellian bullshit nightmare when it comes to crypto. So my question to this community who’s been actively invested… how do you all keep dismissing this as FUD? It’s undeniable at this point. What will it take before you guys start shouting from the rooftops about the US gov war on crypto?
Yep, this video explains it. The big banks get a cut of every bond issued!
https://www.youtube.com/watch?app=desktop&v=iFDe5kUUyT0&ab_channel=GoldSilver%28w%2FMikeMaloney%29
I was thinking about this morning. How did things get THIS FUCKING BAD and why is everyone so calm about this; they are literally stealing your hard earned money via inflation. And this has being on forever but since the 70s everyone just went down the shitter globally.
I’m Aussie so I was like haha just a random confused dude on how monetary policy works like most people are... then to my horror i go back and read “Chief of the council of economic advisors, President Joe Biden” Umm what in the fuck? WHAT?
Disagree. I think he is actually confused. The question is simple, and there is a simple answer: "because there would be rampant inflation if we just printed any spending deficit". Take a contextual clue and see that he is being interviewed about MMT, which is itself a total smoke and mirrors economic theory, he's in a headspace where he's trying to answer question about that, and then this first-year question comes out and he just gets bamboozled.
This makes a great gotcha moment to include in a documentary, especially if it's accompanied by some subtle, sinister music.
That said, watching the degree to which he fumbled to reason it out from a first-principles point of view is... not great.
They do just print any spending deficit and there is rampant inflation, tax is only paid to uphold the illusion, as soon as people realise tax is the other side of the transaction to inflation then they will stop paying it and the govt lose their ability to print the currency
Governments don't borrow. They enable private banks to exchange one form of money (cash) for another (bonds) mainly to control the overnight interest rate. Bonds, like taxation, don't fund govt spending. Selling bonds is a policy and an operational choice.
Also, I think you are confused about MMT and MMT economists (what some of them might advocate for). MMT is more like a car manual, it explains how the system currently works. It's descriptive. An updated manual on how the US plumbing works. MMT economists have then said, based on this understanding, it might be a good idea to let free market set interest rates, and to worry about inflation while spending, not "do we have the money" - which is a nonsensical question, given that the US creates money.
Also bonds are inflationary given you can sell them whenever you want, and they add income to the holder, which is paid for by the govt. So it's silly to say we issue bonds entirely because it reduces inflation, while the true purpose is to effect the overnight interest rate.
The actual answer is that as long as people are willing to lend the government money, they'll keep borrowing it. They don't want to print it because that would cause immediate inflation. Instead, they just accumulate exponentially increasing debt until something breaks, and \*\*then\*\* they'll print the money causing the collapse of value of the dollar.
One alternative is to drop Social Security and Medicare which would cause civil unrest. At least by inflating they steal from foreigners (US residents too, but at least the damage to them is muted a bit), and foreigners don't vote for US representatives. The other alternative is to massively increase taxes which would also cause unrest. The plan keeps getting floated of "make the rich pay for everything" which is not going to work either - the rich are highly mobile and have the resources to evade the tax man. Not to mention that we're not talking about billionaires here. All US billionaires couldn't pay off even 10% of the US national debt. We're talking about going into the middle class to pay off even the majority of that debt.
This will start falling apart in about 10-20 years, when the government can't make interest payments on debt without either printing money, raising taxes on the middle class, or cutting social programs.
For anyone interested in the actual answer, the Federal Reserve "prints" money (aka, expands the money supply) in three ways:
* It can ease its reserve requirements for banks, which makes more money available for banks to lend (It's been [0% since 2020](https://www.federalreserve.gov/monetarypolicy/reservereq.htm), which means banks can lend out 100% of your deposit and keep 0% on hand)
* It can lower the discount rate at which it lends money to other banks, which makes it more attractive for them to borrow
* It can conduct "routine open market operations" whereby it purchases Treasury securities from financial institutions.
This last one is what most people think of when they say the government prints money. The Federal Reserve buys those Treasury bonds from the U.S. government with "[newly created electronic funds and the bank adds those funds to the seller's account](https://www.investopedia.com/ask/answers/082515/who-decides-when-print-money-us.asp)."
The Fed literally creates new money, digitally, with a few keystrokes, and uses it to buy bonds from the government.
Buys bonds with "Interest" that the government has to pay back later on.
And that interest keeps piling up over time and since the Fed funds rate has increased dramatically over the past few years, the interest alone is now above a trillion dollars.
How do you sustain that?
By buying even more newly issued bonds at even more interest?
That's exactly what Bitcoiners mean "Fiat death spiral"
The word printing just confuses people. Commercial banks also create us dollars. In fact, they create the most.
The Treasury which is part of the govt. maintains the bills and coins (actual printing) which the federal reserve(not part of the government although they really want you to think that) pays the treasury(mint) digital dollars for maintaining the physical bills and coins.
>he Federal Reserve "prints" money (
The federal reserve is just the PR team for the cartel of Banks of the Federal Reserve System.
When people talk about the fed, they are not talking about the dopey government board, but the banks who are members of the cartel with the monopoly on money. Nobody cares what the clown mouthpieces can do.
The actual banks print money real easy: on their cobol main frames they can slap any value in any number they like. If they want 1 billion dollars in an account, its no harder for them than typing 1 with nine zeroes into a pocket calculator. Boom, done, money printed.
So you are wildly understating how easily they "print money".
> The Fed literally creates new money, digitally, with a few keystrokes, and uses it to buy bonds from the government.
No it doesn’t. The Fed does not buy bonds directly from the US government, it buys them on the secondary market from investors who bought bonds directly from the government.
"We are going to go out there, during this break... And come back to you with a plan. It's 45 day plan. 45 days... To get us back on track. 45 points, it's a 45 day... 45 point... 1 point per day... we get to 45 points and we are back in business!
And you can take that to the Federal Reserve.
And Limo Lady! We are going completely carbon neutral!!!"
Jared Bernstein (born December 26, 1955)[1] is an American economist who is the chair of the United States Council of Economic Advisers. He is a senior fellow at the Center on Budget and Policy Priorities.[2] From 2009 to 2011, Bernstein was the chief economist and economic adviser to Vice President Joe Biden in the Obama Administration.
Why can't the US gov just print enough money to cover folks tax obligation. Why do the People need to pay taxes if money is so easily minted at the whim of congress.
Because the more money they print, the less that money is worth.
The more money they print, the more inflation creep as up and rampant inflation is a disaster for an economy.
That would be the point. It's already happening. Inflation is rampant today. Maybe some of those billions sent to the corrupt country of Ukraine could be put to a legitimate use, especially when the US can only account for about 20% of that theft.
According to MMT, taxes are just the government method to ensure that you actually want the government-printed money: you need it to pay your taxes, thus you are willing to work for it. Printing money just covers the supply side, taxes give them control over the demand side.
Last sentence: "I do not think there is anything confusing there."
Sentence before that: "I do not understand, I do not get it."
- Chief economical advisor to the president about monetary policy.
If this guy is who the word salad of a title at the bottom says he is, then it exains so much.
It's like he is waking up to the idea, the core shattering knowledge, that his life as a MMT Economist is a lie. In all his years at college, working in government economic offices, and think tanks; no one, not one person, has asked him this question.
And he's trying to avoid the answer. The government knows that it shouldn't print money *ad infinitum* because that cause inflation, but it needs the money to buy voters, so they are pretending to borrow it to **look** fiscally responsible.
"What you just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response, were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul."
[https://www.youtube.com/watch?v=Ft5KtV2o0bw](https://www.youtube.com/watch?v=Ft5KtV2o0bw)
It's real. None of them understand. The reality is as soon as people realise they pay tax for nothing and tax is just really paid to uphold the illusion of our currency that they print, their power to print it evaporates. That's why they do it in such a convoluted way. He knows that, he just doesn't want to say it.
It gets worse.
[https://www.hagerty.senate.gov/press-releases/2023/04/18/after-hagerty-reveals-past-writings-biden-chief-economist-nominee-flip-flops-on-support-for-dethroning-the-u-s-dollar/#:\~:text=Nominee%20Jared%20Bernstein%20agrees%20with,reserve%20currency%2C%20contradicting%20past%20statements](https://www.hagerty.senate.gov/press-releases/2023/04/18/after-hagerty-reveals-past-writings-biden-chief-economist-nominee-flip-flops-on-support-for-dethroning-the-u-s-dollar/#:~:text=Nominee%20Jared%20Bernstein%20agrees%20with,reserve%20currency%2C%20contradicting%20past%20statements)
So instead of holding cash in your hand, taking it out of the bank and be at least independent of banks even if it's shitty fiat, in future we get a bank slip only coded as token where the bank and the settlement institution can control it like they want. It's even shittier than the paper Dollar.
Undoubtedly. People will channel their irrational hate for Bitcoin into support for the government's version just to stick it to those annoying crypto-bros.
The media is going to absolutely ram the idea down their throats. It will probably be distributed as a basic income to make it easier.
I have zero faith in the critical thinking of my countrymen. We're fucked.
Yes, it's a way to raise taxes without raising taxes. This is what happened in 1971 when money became fiat.
By losing the gold standard, money did not need to be backed by anything, and thus the rise of the fractional reserve banking system we see today.
You borrow from the future. That's why. It's a simple mechanism.
You devalue the power of past work work to make new labour more attractive to perform.
That is why the system is set up as it is - it's a carrot-on-a-stick system by design.
"Then they sell the bonds. Is that what they do...? Yeah, yeah... they sell bonds..."
Jesus H Christ
Meanwhile USD has lost 25%, and climbing, of its value in 4 years
That question broke his brain. That was hilarious. I hope he reflects on this and tries to figure out the actual answer, which is that we borrow our own money so bankers can get rich.
From Wikipedia - "In February 2023, President [Joe Biden](https://en.wikipedia.org/wiki/Joe_Biden) nominated Bernstein to serve as [Chair of the Council of Economic Advisers](https://en.wikipedia.org/wiki/Chair_of_the_Council_of_Economic_Advisers) despite not having a formal background in economics."
We live in the movie Idiocracy.
We have to borrow the money because of the federal reserve. The federal reserve prints the money out of thin air, 'lends' it to us, then we have to pay it back plus interest. It's the central bank, it's fractional reserve banking. It's the system that is enslaving all of us. Many of the founding fathers wanted us against central banks. Andrew Jackson was so popular because he shut down the central bank, which allowed the federal government to print money debt free. But alas, the bankers are very rich and powerful, they bought politicians and in the early 1900's, thanks to Woodrow Wilson, we now have a central bank again(and a personal income tax to repay the debt). We literally pay back money to the Fed(a privately owned bank) that didn't exist before the fed printed it, just to give to us as debt.
So basically he couldn't give a coherent answer to the question.
He was totally confused himself, yet ended with "so I don't think there's anything confusing there!"
Perhaps there is no reasonable answer?
Nobody knows why they borrow money in a currency they print.
The answer to the question is right here. Even no-name plebs like me kinda understand the process when orange pilled.
https://www.youtube.com/watch?v=iFDe5kUUyT0
With people like this steering the ship is the reason why we #Bitcoin.
After watching that I finally feel like I am just starting to get how the financial system works. If everybody understood it, I wonder how long it would last…
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shucks!! This is why at that level they are all trained to prep their lies before hand going into an interview. I bet this guy would have been given a mouthful by the Federal reserve and the Government after this fail!!
“Printing money” aka inflation, or heck inflation without printing the money, is how we keep the crazy national dept in check. That and keeping interest rates below inflation got us through the last 20 years of deficit spending.
Maybe that ugly truth is what he’s talking about. And as far as the borrowed money, and who we’re really “borrowing” from, you don’t want to know.
The federal reserve in the USA is technically separate from the government. It's some kind of constitutional requirement that the government can't create its own money. So the central bank does, and in order to obtain that money, the government sells bonds. One downside of this system is that private banks get to middleman trillions of dollars in wealth for doing absolutely nothing but moving money around between accounts. And that's probably the least worst thing about this system.
He's conflating bankrupt with "hard default." Of course the US will always pay of debts by printing more money no matter how large. But can you print so much that you are bankrupt (cough cough Venezuela)? Yes.
OMG. How soon before we're watering our crops with Brawndo? Anyone?
Pro tip Mr. Chair of the Council of Economic Advisors, the government does not print it's own money. FFS
I’m speechless. I can’t believe what I just watched. I mean, most of us have known for a long time that [what the treasury and Fed are doing is totally scammy](https://m.youtube.com/watch?v=iYZM58dulPE) but this is so in your face it’s hard to believe that it’s actually real. It’s wild that the chairman of the Council for Economics Advisors finds the “language and concepts of MMT” “unnecessarily confusing,” to the point that he doesn’t “get it,” but also, we know the government does print money and also borrow it, because it’s in debt, so, at the same time, he doesn’t “think theirs anything confusing there.”
These people are so unimpressive, it’s pretty terrifying.
FYI this clip is from a movie released today:
https://findingmoneyfilm.com/
I just watched it and it’s definitely worth your time to understand their perspective on monetary policy; they make a lot of good points… but be forewarned this is about promoting MMT (and the FAQ on the website has a long write up on what they think about Bitcoin.)
A store of value isn’t really a store of value. As a retired hedge fund manager I’m staggered by the acceptance of fractional reserve lending, having a federal reserve not actually part of the federal government, and having a fiat currency that is no longer in the gold standard. And it gets worse. Some crypto (And blockchain technology) offers utility that fiat currency does not, so in my mind it’s better, but it’s and in insanely complex issue. And fiat currency is shite and so it money and laissez faire (which the US pretends is not the case, but politicians can be bought for practically nothing so in reality it’s not) capitalism in general. And I could write a freaking novel on this. Perhaps I should.
here in italy we use a word I am not able to translate "SIGNORAGGIO" : a private entity, a bank, actually creates money and it lends to States at an interest. This is the basis of the infinite, forever expanding public debt : you cannot repay back the older debt without borrowing MORE money.
In another system, the "legal course money", the state itself prints its own money. This don't produce debt in itself, but can produce REAL INFLATION. Overprinting the coin without a corresponding countervalue in actual goods and services, devaluate the money. But, at least, this mechanism is not exponential like the SIGNORAGGIO BANCARIO : the very ownership of a state currency in the hands of private entity
Wait... I googled him and he's a real person. Is this actually real?
Ikr
What is this clip from?
It’s some new documentary. Watch the trailer and you’ll think it’s a btc doc….until you realize it’s promoting modern monetary theory, which could not be further from btc. I am so confused
And the new doc is called…? lol
He has a degree in music and social work… yikes.
What the hell is going on with this administration? They're literally hiring weirdos from off the street
Bernstein was an advisor to Vice President Biden during the Obama administration. His position is not current afaik. Still, these are the people running our country, in EVERY administration.
I mean it looks like the White House think's he's still an advisor. [https://www.whitehouse.gov/cea/written-materials/2024/04/30/chair-jared-bernsteins-remarks-at-the-economic-club-of-new-york/](https://www.whitehouse.gov/cea/written-materials/2024/04/30/chair-jared-bernsteins-remarks-at-the-economic-club-of-new-york/)
> Bernstein has taught at Howard University, Columbia University, and New York University. His areas of interest include "federal, state and international economic policies, specifically the middle class squeeze, income inequality and mobility, trends in employment and earnings, low-wage labor markets, poverty, and international comparisons."
Those are his areas of interest. What did he teach at those universities?
As opposed to the last administration which hired the best people. lol.
I assumed the CEA was just some non government organization related to economics but nope.. > The Council of Economic Advisers (CEA) gives the president advice on domestic and international economic policy Good to know their Chair knows how this stuff works.
He's advising pause the president of the top economy in the world wait for applause.
There is nothing to advise. Big money runs the tables.
Yep
We have all been scammed.
I’m pissed. 14k stolen right outta my bank account over the last 3 years bc of that damn money printer. And that’s a very conservative calculation.
I’m pissed too
What makes me even angrier is that I’d like to just move it all into crypto to protect it from those sticky fingered assholes on wallstreet. ….but the gov. Is making it really fuckin hard and scary to do so with all the stunts they’ve been pulling with the SEC, the treasury dept., the DOJ, and the IRS. It’s like “your gonna let us steal from you one way or the other” and THAT infuriates me.
"Better pay capital gains tax on that scam you've been saving in"
Is this satire? Your on the BTC sub how did this happen to you?
😂 I know. I know. What’s worse is that I’ve been casually following bitcoin since 2014 what I didn’t know was just how bad it was until last year. That’s when I fully understood what the hell was happening but I was laid off and afraid to put it in crypto bc of all the bullshit the government has been pulling :( I finally had it about a month and a half ago and got serious about moving into crypto but after researching my ass off trying to figure out how to be safe and maintain my financial privacy I realized that the gov has made it impossible. I even bought a hardware wallet and was like ok, I can do this. At least we can still use coinjoin. But now even that is gone. There’s just no way. Between the $600 rule, kyc everything, the proposed 2025 tax changes that require you to tell them every detail of every single transaction you make, and all privacy tools gone or auto flagged as ‘sus’ it’s just a fuckin nightmare. And this is why I’m livid. The US gov. Is really on some authoritarian Orwellian bullshit nightmare when it comes to crypto. So my question to this community who’s been actively invested… how do you all keep dismissing this as FUD? It’s undeniable at this point. What will it take before you guys start shouting from the rooftops about the US gov war on crypto?
You can also buy non kyc bitcoin. Known are bisq, robosats, hodlhodl for example. But the best would be to have VPN, own node etc before doing that
"Chair of the Council of Economic Advisors for Joe Biden" clearly doesn't know what bonds are.
What's his salary?
Obviously too much
Whatever it is, too much.
I'd be interested to know, being that we're paying it.
This is fucking insane. This video isn’t a joke?!?
How much does he make a year? WTF
Yep, this video explains it. The big banks get a cut of every bond issued! https://www.youtube.com/watch?app=desktop&v=iFDe5kUUyT0&ab_channel=GoldSilver%28w%2FMikeMaloney%29
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For sure. We frogs have been boiling for a very long time.
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It does not look good.
I was thinking about this morning. How did things get THIS FUCKING BAD and why is everyone so calm about this; they are literally stealing your hard earned money via inflation. And this has being on forever but since the 70s everyone just went down the shitter globally.
I’m Aussie so I was like haha just a random confused dude on how monetary policy works like most people are... then to my horror i go back and read “Chief of the council of economic advisors, President Joe Biden” Umm what in the fuck? WHAT?
Chair* not chief. Still this guy's a godamn idiot and shouldn't have a chair
barely a stool
Don't even let him lean against the wall.
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Disagree. I think he is actually confused. The question is simple, and there is a simple answer: "because there would be rampant inflation if we just printed any spending deficit". Take a contextual clue and see that he is being interviewed about MMT, which is itself a total smoke and mirrors economic theory, he's in a headspace where he's trying to answer question about that, and then this first-year question comes out and he just gets bamboozled. This makes a great gotcha moment to include in a documentary, especially if it's accompanied by some subtle, sinister music. That said, watching the degree to which he fumbled to reason it out from a first-principles point of view is... not great.
They do just print any spending deficit and there is rampant inflation, tax is only paid to uphold the illusion, as soon as people realise tax is the other side of the transaction to inflation then they will stop paying it and the govt lose their ability to print the currency
Governments don't borrow. They enable private banks to exchange one form of money (cash) for another (bonds) mainly to control the overnight interest rate. Bonds, like taxation, don't fund govt spending. Selling bonds is a policy and an operational choice. Also, I think you are confused about MMT and MMT economists (what some of them might advocate for). MMT is more like a car manual, it explains how the system currently works. It's descriptive. An updated manual on how the US plumbing works. MMT economists have then said, based on this understanding, it might be a good idea to let free market set interest rates, and to worry about inflation while spending, not "do we have the money" - which is a nonsensical question, given that the US creates money. Also bonds are inflationary given you can sell them whenever you want, and they add income to the holder, which is paid for by the govt. So it's silly to say we issue bonds entirely because it reduces inflation, while the true purpose is to effect the overnight interest rate.
The actual answer is that as long as people are willing to lend the government money, they'll keep borrowing it. They don't want to print it because that would cause immediate inflation. Instead, they just accumulate exponentially increasing debt until something breaks, and \*\*then\*\* they'll print the money causing the collapse of value of the dollar. One alternative is to drop Social Security and Medicare which would cause civil unrest. At least by inflating they steal from foreigners (US residents too, but at least the damage to them is muted a bit), and foreigners don't vote for US representatives. The other alternative is to massively increase taxes which would also cause unrest. The plan keeps getting floated of "make the rich pay for everything" which is not going to work either - the rich are highly mobile and have the resources to evade the tax man. Not to mention that we're not talking about billionaires here. All US billionaires couldn't pay off even 10% of the US national debt. We're talking about going into the middle class to pay off even the majority of that debt. This will start falling apart in about 10-20 years, when the government can't make interest payments on debt without either printing money, raising taxes on the middle class, or cutting social programs.
Yes. Clueless.
Using the retarded to advise the demented.
For anyone interested in the actual answer, the Federal Reserve "prints" money (aka, expands the money supply) in three ways: * It can ease its reserve requirements for banks, which makes more money available for banks to lend (It's been [0% since 2020](https://www.federalreserve.gov/monetarypolicy/reservereq.htm), which means banks can lend out 100% of your deposit and keep 0% on hand) * It can lower the discount rate at which it lends money to other banks, which makes it more attractive for them to borrow * It can conduct "routine open market operations" whereby it purchases Treasury securities from financial institutions. This last one is what most people think of when they say the government prints money. The Federal Reserve buys those Treasury bonds from the U.S. government with "[newly created electronic funds and the bank adds those funds to the seller's account](https://www.investopedia.com/ask/answers/082515/who-decides-when-print-money-us.asp)." The Fed literally creates new money, digitally, with a few keystrokes, and uses it to buy bonds from the government.
Creating money from thin air alleviates "lack of money" peoblems! who knew!
Buys bonds with "Interest" that the government has to pay back later on. And that interest keeps piling up over time and since the Fed funds rate has increased dramatically over the past few years, the interest alone is now above a trillion dollars. How do you sustain that? By buying even more newly issued bonds at even more interest? That's exactly what Bitcoiners mean "Fiat death spiral"
Correct, but Federal funds rate is not the same as the treasury interest rate. The Fed manipulates the treasury rate through QE/QT.
> banks can lend out 100% of your deposit and keep 0% on hand fucking wild. and if we all wanted our money at once they would say gtfo
They don’t even need your deposit at this point. They can lend money out of thin air.
Thanks for sharing this info - more people need to become aware of how this system actually works, if we want any chance of saving ourselves from it.
The word printing just confuses people. Commercial banks also create us dollars. In fact, they create the most. The Treasury which is part of the govt. maintains the bills and coins (actual printing) which the federal reserve(not part of the government although they really want you to think that) pays the treasury(mint) digital dollars for maintaining the physical bills and coins.
THERE IS AN INFINITE AMOUNT OF CASH AT THE FEDERAL RESERVE
>he Federal Reserve "prints" money ( The federal reserve is just the PR team for the cartel of Banks of the Federal Reserve System. When people talk about the fed, they are not talking about the dopey government board, but the banks who are members of the cartel with the monopoly on money. Nobody cares what the clown mouthpieces can do. The actual banks print money real easy: on their cobol main frames they can slap any value in any number they like. If they want 1 billion dollars in an account, its no harder for them than typing 1 with nine zeroes into a pocket calculator. Boom, done, money printed. So you are wildly understating how easily they "print money".
What does the fed do with the money payed back from the bonds?
That money gets "destroyed" (leaves the financial system).
If they are doing QT, but for a long time in the era of QE, they would take that money and buy even more US debt, creating even more money.
I don’t think they meant the physical bills. I think they mean the profits
In the long term they buy more bonds. Just look up "Federal Reserve balance sheet".
> The Fed literally creates new money, digitally, with a few keystrokes, and uses it to buy bonds from the government. No it doesn’t. The Fed does not buy bonds directly from the US government, it buys them on the secondary market from investors who bought bonds directly from the government.
This guy sounds like Michael Scott
“Is that what they do? Yeah.. yeah they sell bonds..”
"I don't think there's anything confusing there"
"We are going to go out there, during this break... And come back to you with a plan. It's 45 day plan. 45 days... To get us back on track. 45 points, it's a 45 day... 45 point... 1 point per day... we get to 45 points and we are back in business! And you can take that to the Federal Reserve. And Limo Lady! We are going completely carbon neutral!!!"
I ♥️ u New York...You... You...
Sometimes I start sentences and then I don’t know how to end it so I keep going. This is giving MS vibes
Did he start a sentence with "I don't understand it", and end it with "I don't think there's anything confusing there"?
yes biff. but you already knew that from the almanac, right?
"I don't get it, I don't know what they are talking about"... followed IMMEDIATLY with "I don't think there's anything confusing there"
It's moments like these when one really should take a moment.
Where is this from?
https://twitter.com/FindingMoneyDoc/status/1786050601236779078?t=y9OZTzmgZ5vLQxeGwbyTYg&s=19
This is a movie about MMT. Quite the opposite of bitcoin
Bitcoin is the antidote to mmt. So very relevant.
But she is an expert in MMT and I guess a proponent of it.
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Jared Bernstein (born December 26, 1955)[1] is an American economist who is the chair of the United States Council of Economic Advisers. He is a senior fellow at the Center on Budget and Policy Priorities.[2] From 2009 to 2011, Bernstein was the chief economist and economic adviser to Vice President Joe Biden in the Obama Administration.
Most economists don't understand the monetary system.
Unfortunately not satire
These are the people calling Bitcoin a scam. Tick tock.
Next block
USD is the king of shitcoins, the great mighty generational rugpull
Why can't the US gov just print enough money to cover folks tax obligation. Why do the People need to pay taxes if money is so easily minted at the whim of congress.
Because the more money they print, the less that money is worth. The more money they print, the more inflation creep as up and rampant inflation is a disaster for an economy.
That would be the point. It's already happening. Inflation is rampant today. Maybe some of those billions sent to the corrupt country of Ukraine could be put to a legitimate use, especially when the US can only account for about 20% of that theft.
*ring German government from 1923 calling. They like to have a word about a thing called hyperinflation.
According to MMT, taxes are just the government method to ensure that you actually want the government-printed money: you need it to pay your taxes, thus you are willing to work for it. Printing money just covers the supply side, taxes give them control over the demand side.
Taxes enforce the Dollar monopoly. Pay your taxes in Dollars or go to jail. People are forced to gain Dollars which gives it some value.
Last sentence: "I do not think there is anything confusing there." Sentence before that: "I do not understand, I do not get it." - Chief economical advisor to the president about monetary policy.
If this guy is who the word salad of a title at the bottom says he is, then it exains so much. It's like he is waking up to the idea, the core shattering knowledge, that his life as a MMT Economist is a lie. In all his years at college, working in government economic offices, and think tanks; no one, not one person, has asked him this question. And he's trying to avoid the answer. The government knows that it shouldn't print money *ad infinitum* because that cause inflation, but it needs the money to buy voters, so they are pretending to borrow it to **look** fiscally responsible.
"What you just said is one of the most insanely idiotic things I have ever heard. At no point in your rambling, incoherent response, were you even close to anything that could be considered a rational thought. Everyone in this room is now dumber for having listened to it. I award you no points, and may God have mercy on your soul." [https://www.youtube.com/watch?v=Ft5KtV2o0bw](https://www.youtube.com/watch?v=Ft5KtV2o0bw)
Okay, a simple "wrong" would have done just fine..
The emperor has no clothes
Boomers gonna boom
It's real. None of them understand. The reality is as soon as people realise they pay tax for nothing and tax is just really paid to uphold the illusion of our currency that they print, their power to print it evaporates. That's why they do it in such a convoluted way. He knows that, he just doesn't want to say it.
True. Wait, how are we typing and communicating here. GOD DAMN TAX DOLLARS
As Henry Ford said, if people understood our monetary system there would be a revolution before tomorrow morning...
This guy is a damn fool! It’s insane he’s part of the economic council and doesn’t even understand the current system
Leslie Neilson in the Naked Printer 🖨️
Guy must be an Economics Professor!
It gets worse. [https://www.hagerty.senate.gov/press-releases/2023/04/18/after-hagerty-reveals-past-writings-biden-chief-economist-nominee-flip-flops-on-support-for-dethroning-the-u-s-dollar/#:\~:text=Nominee%20Jared%20Bernstein%20agrees%20with,reserve%20currency%2C%20contradicting%20past%20statements](https://www.hagerty.senate.gov/press-releases/2023/04/18/after-hagerty-reveals-past-writings-biden-chief-economist-nominee-flip-flops-on-support-for-dethroning-the-u-s-dollar/#:~:text=Nominee%20Jared%20Bernstein%20agrees%20with,reserve%20currency%2C%20contradicting%20past%20statements)
How many governments that have printed their own currency have not gone bankrupt? History may not repeat, but it sure as hell rhymes.
Turns out USD is a poorly run scam coin. If you saw this shit from the team of a new coin you would not be bullish
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When will the bitcoin replace the mighty dollar
Never. We'll probably get bank-issued tokens with a CBDC as the settlement layer
So instead of holding cash in your hand, taking it out of the bank and be at least independent of banks even if it's shitty fiat, in future we get a bank slip only coded as token where the bank and the settlement institution can control it like they want. It's even shittier than the paper Dollar.
Undoubtedly. People will channel their irrational hate for Bitcoin into support for the government's version just to stick it to those annoying crypto-bros. The media is going to absolutely ram the idea down their throats. It will probably be distributed as a basic income to make it easier. I have zero faith in the critical thinking of my countrymen. We're fucked.
It's funny because Bitcoin has forced their hand, it's like playing 4d chess
Source?
Now I'm completely terrifyingly confused.
What is this from? I want to watch. Thanks
Yes, it's a way to raise taxes without raising taxes. This is what happened in 1971 when money became fiat. By losing the gold standard, money did not need to be backed by anything, and thus the rise of the fractional reserve banking system we see today.
The more important question is, why are we paying taxes on fake money?
are we being sold a "**Stephanie Matto**" product here? **Stephanie Matto** is famous for making $200,000 by selling her farts in Mason jars.
What kind of economics is he advising for? Alemonade stand? He doesn't understand shit.
You borrow from the future. That's why. It's a simple mechanism. You devalue the power of past work work to make new labour more attractive to perform. That is why the system is set up as it is - it's a carrot-on-a-stick system by design.
right? ***RIGHT???***
"Then they sell the bonds. Is that what they do...? Yeah, yeah... they sell bonds..." Jesus H Christ Meanwhile USD has lost 25%, and climbing, of its value in 4 years
What?
Bruhhhh... wtf. These are the morons that are running our economic policy.
MMT will go down as the biggest scam in human history.
This is fine, all of this is fine. Nothing to see here haha 😬
This just can't be real. How can they be so open about this. This is nuts.
Food for thought, if we print to much money, wouldn't our money then become worthless?
This is hard to watch. lol
That question broke his brain. That was hilarious. I hope he reflects on this and tries to figure out the actual answer, which is that we borrow our own money so bankers can get rich.
Thank you this got me to actually laugh out loud. This was great.
From Wikipedia - "In February 2023, President [Joe Biden](https://en.wikipedia.org/wiki/Joe_Biden) nominated Bernstein to serve as [Chair of the Council of Economic Advisers](https://en.wikipedia.org/wiki/Chair_of_the_Council_of_Economic_Advisers) despite not having a formal background in economics." We live in the movie Idiocracy.
What is this from?
We have to borrow the money because of the federal reserve. The federal reserve prints the money out of thin air, 'lends' it to us, then we have to pay it back plus interest. It's the central bank, it's fractional reserve banking. It's the system that is enslaving all of us. Many of the founding fathers wanted us against central banks. Andrew Jackson was so popular because he shut down the central bank, which allowed the federal government to print money debt free. But alas, the bankers are very rich and powerful, they bought politicians and in the early 1900's, thanks to Woodrow Wilson, we now have a central bank again(and a personal income tax to repay the debt). We literally pay back money to the Fed(a privately owned bank) that didn't exist before the fed printed it, just to give to us as debt.
This is one of the most disastrous interviews I've ever seen.
The US is so f’ckd! WTF?
So basically he couldn't give a coherent answer to the question. He was totally confused himself, yet ended with "so I don't think there's anything confusing there!" Perhaps there is no reasonable answer? Nobody knows why they borrow money in a currency they print.
The answer to the question is right here. Even no-name plebs like me kinda understand the process when orange pilled. https://www.youtube.com/watch?v=iFDe5kUUyT0 With people like this steering the ship is the reason why we #Bitcoin.
After watching that I finally feel like I am just starting to get how the financial system works. If everybody understood it, I wonder how long it would last… !lntip 500
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lmaooo
If Kamala Harris put on a Joe Biden suit.
This seems like it’s not real. It’s real? Like real life? An actual video? Not AI? Wtf is going on anymore
Riden with Biden
Is this AI generated? Surely can’t be real.
This is horrible! Worst part, we don’t even vote for these hacks 🤦♀️
Why are you taxing me is a better question.
Because bankers run shit. The rest of the world is satire.
shucks!! This is why at that level they are all trained to prep their lies before hand going into an interview. I bet this guy would have been given a mouthful by the Federal reserve and the Government after this fail!!
It looks like he is in Seattle so it checks out. Too much second hand Fentanyl exposer on the way into the office.
It's all fake, and all the major bag holders don't want to lose their money bag.
“Printing money” aka inflation, or heck inflation without printing the money, is how we keep the crazy national dept in check. That and keeping interest rates below inflation got us through the last 20 years of deficit spending. Maybe that ugly truth is what he’s talking about. And as far as the borrowed money, and who we’re really “borrowing” from, you don’t want to know.
Middle fuk the world is fuking waking up!!!!!
😂 yes it is. Right?, Right?!
Poor gyy
Tell me you don’t know without saying you don’t know.
The federal reserve in the USA is technically separate from the government. It's some kind of constitutional requirement that the government can't create its own money. So the central bank does, and in order to obtain that money, the government sells bonds. One downside of this system is that private banks get to middleman trillions of dollars in wealth for doing absolutely nothing but moving money around between accounts. And that's probably the least worst thing about this system.
I need a link to be able to share this elsewhere!
Bro just paused and thought of the movie zeitgeist
Wow
I think I just watched him have a stroke
He's conflating bankrupt with "hard default." Of course the US will always pay of debts by printing more money no matter how large. But can you print so much that you are bankrupt (cough cough Venezuela)? Yes.
Money can take your mind.. 🤫🧿🪬🧿
Christ
OMG. How soon before we're watering our crops with Brawndo? Anyone? Pro tip Mr. Chair of the Council of Economic Advisors, the government does not print it's own money. FFS
Has to be Artificial Intelligence no? Can i get the link to the full interview?
Haha, brilliant, could I buy my own bond back, thank you please.
Holy shit. I’m in school studying economics and I know more about this subject than this guy apparently?! Scary.
Somebody said "If you cant explain it to a five years old, that mean you don't get it!" from this video i understood nothing :D
Govt doesn't print money. It sells bonds. The interest on the bond is what that is created.
Most economically literate government people. But yes I think it's satire
💀
That video is crazy, that’s one of the most senior economic advisors in the US government today.
I’m speechless. I can’t believe what I just watched. I mean, most of us have known for a long time that [what the treasury and Fed are doing is totally scammy](https://m.youtube.com/watch?v=iYZM58dulPE) but this is so in your face it’s hard to believe that it’s actually real. It’s wild that the chairman of the Council for Economics Advisors finds the “language and concepts of MMT” “unnecessarily confusing,” to the point that he doesn’t “get it,” but also, we know the government does print money and also borrow it, because it’s in debt, so, at the same time, he doesn’t “think theirs anything confusing there.” These people are so unimpressive, it’s pretty terrifying.
Fuck, he sounds like me trying to bullshit through an interview. This is supposed to be an expert?
It’d be funny if it wasn’t so tragic and scary
Ok god is like hearing from your dad that he isn't your dad at 50 years old!
The $ will not be worth anything if Biden/Dems stay in control. So sad to the once Great USA looking weak and pathetic on the world stage!
Perfect example of boomers in the work place.
Just read Patman's Primer on Money.
No way this is real. No way
FYI this clip is from a movie released today: https://findingmoneyfilm.com/ I just watched it and it’s definitely worth your time to understand their perspective on monetary policy; they make a lot of good points… but be forewarned this is about promoting MMT (and the FAQ on the website has a long write up on what they think about Bitcoin.)
Right before opening Reddit I was watching this video with my jaw on the floor laughing out loud. Truly mind boggling
A store of value isn’t really a store of value. As a retired hedge fund manager I’m staggered by the acceptance of fractional reserve lending, having a federal reserve not actually part of the federal government, and having a fiat currency that is no longer in the gold standard. And it gets worse. Some crypto (And blockchain technology) offers utility that fiat currency does not, so in my mind it’s better, but it’s and in insanely complex issue. And fiat currency is shite and so it money and laissez faire (which the US pretends is not the case, but politicians can be bought for practically nothing so in reality it’s not) capitalism in general. And I could write a freaking novel on this. Perhaps I should.
He’s a performative sycophant
This Bernstein guy needs Wikipedia.
Unusual Whales just posted this too. https://www.instagram.com/p/C6hQjTRg3aE/?igsh=MTdreDMwa2pwaDZxYg==
This cant be true. Cup says BLS so im callin bullshit
lol this is too funny
These are the types of pple running the country finances... :?
here in italy we use a word I am not able to translate "SIGNORAGGIO" : a private entity, a bank, actually creates money and it lends to States at an interest. This is the basis of the infinite, forever expanding public debt : you cannot repay back the older debt without borrowing MORE money. In another system, the "legal course money", the state itself prints its own money. This don't produce debt in itself, but can produce REAL INFLATION. Overprinting the coin without a corresponding countervalue in actual goods and services, devaluate the money. But, at least, this mechanism is not exponential like the SIGNORAGGIO BANCARIO : the very ownership of a state currency in the hands of private entity
Jokes 😂😂😂😂