May 11, 2024
The emperor has no clothes -- and the public doesn't like what it sees
By Marc E. Zimmerman
A recent interview of a Biden Administration official illustrates how deep a policy hole this Administration has dug for us in a critical area. A newly recorded dialogue on the U.S. monetary system focused on the nature of money, borrowing, and debt. What was not revealed during this discussion was an acknowledgement that Biden’s economic programs have resulted in a massive inflationary spike during his tenure, with a serious erosion of U.S dollar purchasing power which impacts everyone, every day, when folks shop for food or fill their gas tanks.
The brief narrative presented by Biden’s Chairman of the Council of Economic Advisors Jared Bernstein became completely disjointed when he attempted to explain how the Administration, by borrowing, contends with the shortages in tax revenues amounting to trillions of dollars every year to cover federal spending costs.
However, while listening to Bernstein’s dumpster fire of incoherence, a moment of clarity emerged in the midst of his curious interpretations: the presidential appointee had no clue what he was talking about. To wit:
The US government can’t go bankrupt because we can print our own money… 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… cause… 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… this conversation. I don't think there's anything confusing there, Bernstein concluded.more
https://www.americanthinker.com/blog/2024/05/the_emperor_has_no_clothes_and_the_public_doesn_t_like_what_it_sees.html
