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‘TERRIFYING’: Biden’s top economic adviser can’t explain basic money policy
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Comments 22
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This is definitely the textbook definition of THE BLIND LEADING THE BLIND.
No one gave the answer to the question of why the government prints & loans money. Here is the answer. When you talk about loaning money, it is the Treasury that loans the money. Why? Because the Treasury is a bank! It is a bank for countries, companies & individuals. Why would someone use the Treasury as a bank you ask? Because the Treasury will guarantee your principal & interest, no matter the amount. ‘Regular’ banks will guarantee funds up to $250K, but the federal government will guarantee unlimited funds (like Berkshire Hathaway who buys treasuries every week). That is why the government borrows money. It is a service it provides to countries/corporations/individuals.
And that is surprising?
This is just a spin on the interview without any context, the interviewer is asking him to frame things in terms of MMT, which is a relatively obscure theory, that I wouldn't expect any respectable economist to be intimately familiar with. MMT is controversial within mainstream economics, and is actively debated with dialogues about its theoretical integrity, the implications of the policy recommendations of its proponents, and the extent to which it is actually divergent from orthodox macroeconomics.
So the guy is struggling to describe the theory, because its an inconsistent theory, don't believe everything you see at face value
Me dumbazz!
He's as cooky as Biden!!
We did it Joe! We broke the USA. Keep up the good work!!
MY GOD ! 🤬
WTF! Come on !! Economic advisor SICK !!
Bro wtf. That’s incredible.
Plumbers and wood framers should run for office …they’d probably do much much better… oh wait , plumbers and framers actually work , unlike politicians 🤷
Wow
I just can’t get over the idea that people, citizens don’t know this already and are stunned that this nimrod is in the White House! There never should be a democrat, Marxist who receives any votes to be elected in a position of power or making laws or appointing fellow Marxist into the government. I hate to say it but they receive enough votes to be put in office and now we have to suffer the consequences. The perfect example is that looney tune from California who receives 83 to 85 percent plurality every time she runs for reelection. The Stumblebum we have in the Oval Office has been in government approximately 50 years, how can that be explained?
When will the FED, Gov Explain in a detailed plan how they Plan to Pay off the National Debt ?
Surely this is a deep fake
Pat. I'll take the worst answer in history for 500 please. W T F was that ?
Trump should broadcast this fools interview 24/7
This lack of qualification for a senior government position and advisor, is something that ANC South Africa, a now qualified BANANA REPUBLIC, does on a daily basis. Its embarrassing for the US, let alone South Africa.
Laughed so hard, almost fell on the floor.
Oh come on, do you think we’re all THAT stupid? To believe that the ‘top economic advisor’ was genuine! No ‘administration’ could have yet another incompetent in its ranks. Ha ha ha ha ha ha ha ha ha… dribble. Men in white coats, please.
Remember Obama is behind Biden controlling him and running the whole show and administration.
🇺🇸 TRUMP 2024 🇺🇸
OMG… "Lends money by selling bonds!" That is the COMPLETE OPPOSITE!!! They BORROW money by selling bonds!!