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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[–] SuperZutsuki@hexbear.net 38 points 6 months ago* (last edited 6 months ago) (2 children)

https://en.wikipedia.org/wiki/Modern_monetary_theory

MMT is also strongly opposed by members of the Austrian school of economics

stalin-feels-good

Seems really easy to understand and describes how money works in the US perfectly. Rich people ~~have a monopoly on money~~ are currency kulaks. The government restricts the supply and refuses to seize it from the rich and redistribute it. Things get worse. Repeat.

[–] comrade_pibb@hexbear.net 11 points 6 months ago (1 children)

Can you explain the bit about "billionaires have a monopoly on money?"

I have a big wet baby brain

[–] SuperZutsuki@hexbear.net 6 points 6 months ago (1 children)

Modern monetary theory is a heterodox macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires.

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.

[–] comrade_pibb@hexbear.net 3 points 6 months ago

money kulaks

oh that's honestly insightful