The Chair of the Council of Economic Advisers.
American debt
- Thread starter Drawdown Addict
- Start date
Holy crap what a clown show!
Nothing new here, MMT knows a soverign state borrowing in its own currency is an illusion. Bonds are just a convention to limit the rate of money creation w.r.t. time. Technically the state could just create the money directly if it was so inclined. While creating money is a button press procedure, creating demand for it is a bit more involved. It's why there are taxes that has to be paid in dollars in the US, etc.
Bernstein has a BA in Music from Manhattan School of Music.
He plays the standup bass, jazz ya know.
Same sh@t different day.
If I were a suspicious person, I would suspect that our military adversaries have fully infiltrated the controlling institutions of our country (through various form of bribery and extortion). They have a 30-40 year plan to turn the USA into a giant jenga pile of blocks, which will require merely a gentle nudge to take the whole pile down.
No military ordnance required.
No piles of broken bricks to clean up.
Just change all the locks, off you go.
By comparison Caesar's "Gallic Wars" looks hopelessly primitive in strategy.
He plays the standup bass, jazz ya know.
Same sh@t different day.
If I were a suspicious person, I would suspect that our military adversaries have fully infiltrated the controlling institutions of our country (through various form of bribery and extortion). They have a 30-40 year plan to turn the USA into a giant jenga pile of blocks, which will require merely a gentle nudge to take the whole pile down.
No military ordnance required.
No piles of broken bricks to clean up.
Just change all the locks, off you go.
By comparison Caesar's "Gallic Wars" looks hopelessly primitive in strategy.
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I'll try to explain this so simply nearly anyone can understand.
The US borrowing at interest instead of printing money out of thing air in important for two reasons:
1) It creates a disincentive for borrowing. Imagine how reckless our politicians would be without it. (This helps protect the value of the USD)
2) It creates demand for US currency and US debt because investors want that interest.
The US borrowing at interest instead of printing money out of thing air in important for two reasons:
1) It creates a disincentive for borrowing. Imagine how reckless our politicians would be without it. (This helps protect the value of the USD)
2) It creates demand for US currency and US debt because investors want that interest.
No surprise if you've been watching bubblevision. Bernstein always comes on to tout the great economic record of Biden while claiming Biden reduced the deficits with a straight face. He is really insufferable to watch. He's just a pumper.
Obama's CEA head was a lot better in my opinion (Austin Goolsby, who is now a Fed member himself). At least Berstein does have some charisma, Yellen is quite boring.
no, those two are indistinguishable with all other sovereign countries that borrow, or creation of money as monetary base to facilitate trades.
the only fact that matters is that we have a militarty industrial complex who are willing and can to start a war with almost anyone. they create a "security thread inflation" as pretext to extend security guarantee. but when rubber hits the road in ukraine, guaratee means nothing. let's see the case of taiwan next.
empire rises and falls, we are still too young, only less than 4 decades into the the prime. maybe has another century or so to run.
No. That's not actually even a counter-argument. Yes other people do it. That doesn't invalidate anything I said nor did you try to even explain why you think it might
And how exactly do you think we fund that?
The US is prosperous enough to be able the have that due to our system. Hence Cuba's lack of aircraft carriers.
So what? I'm simply trying to explain that there are reasons to have a system where you pay interest on debt. You're all over the map here.
I'm not saying the way we do things are perfect but it's a million times better than letting politicians generate money with no corresponding obligations.