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
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https://en.wikipedia.org/wiki/Modern_monetary_theory
MMT is also strongly opposed by members of the Austrian school of economics
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
…the State Bank of the USSR took over the role of commercial lending and printed as much money as needed for rapid industrialization. You can read reports from Western journalists of how they were surprised how fast the USSR could develop in such a short period of time.
I’m fascinated and uneducated. Can you break down for me how this didn’t lead to massive inflation?
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