cross-posted from: https://thelemmy.club/post/12591808
- Jared Bernstein, Joe Biden's Chief Economist, faced difficulties explaining money's workings in a documentary or Finding The Money,' despite his role.
- He stumbled through concepts, highlighting the confusion around government money printing and borrowing
- Bernstein, who is head of the US Council of Economic Advisers, is not formally trained in economics and appeared bewildered in the clip
https://en.wikipedia.org/wiki/Modern_monetary_theory
Seems really easy to understand and describes how money works in the US perfectly. Rich people
have a monopoly on moneyare currency kulaks. The government restricts the supply and refuses to seize it from the rich and redistribute it. Things get worse. Repeat.deleted by creator
I'm fascinated and uneducated. Can you break down for me how this didn't lead to massive inflation?
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Thanks for taking the time to write that up
Fun fact: During and after civil war in Russia the topic of import was mentioned in Lenin's works very often, and Lenin was positively extatic over every deal where foreign sellers accepted rubles instead of gold or other currencies, and heaped praise on anyone who could negotiate deal in rubles.
Can you explain the bit about "billionaires have a monopoly on money?"
I have a big wet baby brain
In the wikipedia description they're saying the government is the currency monopolist (as in they are the sole suppliers of currency). Thinking about it more, billionaires are more like money kulaks that hoard it and instead of the government redacting them and redistributing the currency, they encourage it and are heavily controlled by the billionaire class to keep everything concentrating upwards.
oh that's honestly insightful