Economic Adviser Explains How Money Works
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Topic: Economic Adviser Explains How Money Works
Posted By: omphaloskepsis
Subject: Economic Adviser Explains How Money Works
Date Posted: May 19 2024 at 04:23
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Jared Bernstein explains how/why America can't go bankrupt because the Fed prints money. In February 2023, President Joe Biden nominated Bernstein to serve as Chair of the Council of Economic Advisers. He was confirmed to be chair on June 13, 2023.
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Replies:
Posted By: Logan
Date Posted: May 19 2024 at 05:25
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"Since we decided a few weeks ago to adopt the leaf as legal tender, we have, of course, all become immensely rich."... "But we have also," continued the management consultant, "run into a small inflation problem on account of the high level of leaf availability, which means that, I gather, the current going rate has something like three deciduous forests buying one ship's peanut."... "So in order to obviate this problem," he continued, "and effectively revalue the leaf, we are about to embark on a massive defoliation campaign, and...er, burn down all the forests. I think you'll all agree that's a sensible move under the circumstances." ― Douglas Adams, The Restaurant at the End of the Universe ------------- https://www.youtube.com/playlist?list=PLXcp9fYc6K4IKuxIZkenfvukL_Y8VBqzK" rel="nofollow - Duos for fave acts |
Posted By: suitkees
Date Posted: May 19 2024 at 05:42
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Is there a point that's being made? Or do we have to guess about it? Every national (federal) bank prints money, so I don't see what's at stake here (other than that the bloke is rambling about it...). ------------- The razamataz is a pain in the bum |
Posted By: omphaloskepsis
Date Posted: May 19 2024 at 06:13
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suitkees wrote:Posted By: Atavachron
Date Posted: May 19 2024 at 14:09
Apparently the point being made is that the OP seems to think the rest of us are completely unaware how & why the Fed prints money rather than the Treasury, that cash itself has no inherent value but rather what you get with that cash (food, housing, clothes, transportation), and that we pay the Fed to print that money. Further, we must not understand that is not necessarily ideal, and that the rest of us have not been educated or initiated to the conspiracy theories that surround it. Therefore we must be ignorant non-reading dupes who walk through life thinking everything we see & hear must be true. We must not have independent minds, and buy into the mainstream medias take on things. ------------- "Too often we enjoy the comfort of opinion without the discomfort of thought." -- John F. Kennedy |
Posted By: jayem
Date Posted: May 20 2024 at 05:54
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I'd thought money was being printed in regards to expectations on how much goods should be exchanged with it, so there'd be enough cash available in banks/societies. A 100% digitalized system would make it all simplier as there's nothing to predict, provided we all all know how much we have on our accounts. One day someone tells he's got goods to sell for that much, and one buyer agrees on the amount it will transfer, no cash involved, just 0s and 1s ------------- http://www.digger.ch/?lang=en" rel="nofollow - Support mine-clearing ! https://bandcamp.com/machinechance/?lang=en" rel="nofollow - bandcamp collection |
Posted By: moshkito
Date Posted: May 20 2024 at 06:39
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Hi, Admins ... pls lock this and/or kill it ... this is pathetic and in the wrong place. ------------- Music is not just for listening ... it is for LIVING ... you got to feel it to know what's it about! Not being told! www.pedrosena.com |
Posted By: MikeEnRegalia
Date Posted: May 20 2024 at 08:12
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Indeed there are many conspiracy theories around the topic of governments printing money. At the most basic level it is interesting to ponder where the printed money goes (the old adage of "follow the money"). This is the usual situation: - it does not go to the people (normal folks are not getting richer) - it does not go towards decreasing national debt (on the contrary, debt keeps increasing) - it does not go to infrastructure (as far as we can see) So where does it go?  And there is the additional effect of devaluation - for every unit of money printed, the existing money decreases in value. So even if every unit of printed money was accounted for, there would be a movement of financial value away from the owners of the existing money. Now, just hypothetically, imagine a system where new money keeps being printed and flows to those from whom we also keep lending money. What a great racket that would be
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