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Clowns are in Control: Is This Who We Trust with $25 Trillion?

Clowns are in Control: Is This Who We Trust with $25 Trillion?

May 7, 2024

Clowns are in Control: Is This Who We Trust with $25 Trillion?

A recent interview with Jared Bernstein, chair of the Council of Economic Advisers, has raised eyebrows and alarm. The documentary "Finding the Money" features Bernstein, a key economic advisor to President Joe Biden, in a moment that has left many questioning the competence of those at the helm of economic policy.

Bernstein boldly claimed that the U.S. government could not go bankrupt as it prints its own money, a statement that flies in the face of historical instances where countries have defaulted on their debts despite having the same monetary capabilities. Presently, five nations, including Lebanon, Belarus, Ghana, and Sri Lanka, find themselves in default, with others teetering on the brink.

The interview took an even more concerning turn when Bernstein struggled to explain why the government borrows money through bonds instead of simply printing more money. His confusion over fundamental financial concepts such as debt and lending has sparked criticism, especially considering the inflation and economic challenges currently facing the nation.

Bernstein's apparent lack of understanding has opened the door to further scrutiny of the Biden administration's economic team, many of whom are advocates of Modern Monetary Theory (MMT). This controversial framework suggests that government spending should be maximized regardless of circumstances, with taxation as a tool to curb resultant inflation. Critics argue this approach could lead to a significant redistribution of wealth from the public to the government, exacerbating inflation and potentially leading to higher poverty levels.

The implications of having key economic advisors who may not grasp basic financial principles are profound. As the administration faces mounting pressure over its economic policies, the American public is left to wonder whether the goal is to promote prosperity or whether chaos and poverty are the unfortunate targets of a misguided economic strategy.


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