Authored by Mike Shedlock via mishtalk.com,
Jared Bernstein was requested about Trendy Financial Idea (MMT)…
MMT says authorities is completely different. It owes the cash to itself and the debt will be canceled at will. In MMT idea, a benevolent authorities would spend the cash correctly, cancel all of the debt or pay curiosity to itself, and everybody will primarily reside fortunately ever after.
The notion is basically amusing. However it was extra amusing watching Bernstein attempt to handle a query on it.
CLIP: We hear so much in regards to the nationwide debt.
However do currency-issuing governments actually ‘borrow’ their very own currencies?
The reply would possibly shock you.Watch FINDING THE MONEY documentary, In Theaters and On Demand TOMORROW Could 3: https://t.co/H1e5fEuV7t pic.twitter.com/MA3AGIcCXi
— FINDING THE MONEY Movie (@FindingMoneyDoc) May 2, 2024
* * *
For these shocked by how “clueless” Bernstein is, that is simply half the story, in a 2014 NYT oped titled “Dethrone ‘King Greenback’” Bernstein said: “the federal government must drop its dedication to sustaining the greenback’s reserve-currency standing.”
He isn’t clueless, he is aware of… https://t.co/kBfHKtvDeS
— zerohedge (@zerohedge) May 3, 2024
Lastly the film “Discovering the Cash” shouldn’t be some attraction to fiscal conservatism: it’s simply the alternative: reward for Stephanie Kelton, the lead prophet of MMT, which is institutionalized socialism and cash printing. She was socialist Bernie Sander’s “financial advisor” for pete’s… https://t.co/MRnUhZ4RFr
— zerohedge (@zerohedge) May 3, 2024
Loading…