Biden's chief economic advisor says the government can't go bankrupt bc they can always just print more money

[Dont Taz Me Bro]

This interview is embarrassing. This is the man President Biden nominated to be the Chair of the Council of Economic Advisors and he clearly has no understanding of monetary policy.

 

[chesswarsnow]

Sorry bout that,

1. We are screwed.

Regards,
SirJamesofTexas

 

[Mac1958]

What the fuck, is he drunk?

I don't know that he was supporting the uncontrolled printing of money, rather just stating a fact. But holy shit.

 

[martybegan]

This interview is embarrassing. This is the man President Biden nominated to be the Chair of the Council of Economic Advisors and he clearly has no understanding of monetary policy.

Is he right systemically?

There is no law for a government, at least the federal government going bankrupt, and they could just print more money to pay off government debts.

The thing left unsaid is what would happen to the overall economy.

Still a dumb thing to say even if technically correct.

 

[MisterBeale]

This interview is embarrassing. This is the man President Biden nominated to be the Chair of the Council of Economic Advisors and he clearly has no understanding of monetary policy.

Holy shit is he dumb.

These are the folks in charge?

 

[shockedcanadian]

Some hyper inflation historically always leads to great leader decisions when this occurs. On top of the starvation, homelessness and abject unemployment that follows ...

 

[MisterBeale]

I don't know that he was supporting the uncontrolled printing of money, rather just stating a fact.

It's not even a fact.

The physical currency, the bills and coins represent a fraction of the liquidity of currency in circulation. And that currency in circulation? Is not determined by the US government, but by the bankers.

IT IS BLATANT IGNORANCE AND FAKE NEWS. (Or purposeful misinformation.) The day congress and the administration fail to make the interest payments to the bankers?

"The U.S. Federal Reserve controls the money supply in the United States. However, it doesn't actually print currency bills itself. The Department of the Treasury prints bills based currency amounts set by the Fed.. . "

Who Prints Money in the U.S.?

The Fed and Treasury Dept. have different money printing roles. The Fed is said to print money when it increases the money supply. The Treasury prints actual currency.

www.investopedia.com

 

[Dont Taz Me Bro]

Is he right systemically?

There is no law for a government, at least the federal government going bankrupt, and they could just print more money to pay off government debts.

The thing left unsaid is what would happen to the overall economy.

Still a dumb thing to say even if technically correct.

It's like he doesn't understand what causes inflation.

 

[MisterBeale]

Still a dumb thing to say even if technically correct.

Nope.

At a certain point, the government's ability to borrow and spend, will not equal the economy's ability to produce enough to pay the interest in the debt. And as noted previously, this leads to inflation, and reduced economic growth.

Eventually we will see societal disintegration.

At that point, he is incorrect. The global elites that control our government, and the financial system know this. If they can't destroy us in any other way, this will be the final nail in the coffin.

US spending record amounts servicing its sky-high debt - Asia Times

Consumers and businesses aren’t the only ones feeling the pain of higher borrowing costs because of Federal Reserve rate hikes. Uncle Sam is too. The US

asiatimes.com

 

[struth]

This interview is embarrassing. This is the man President Biden nominated to be the Chair of the Council of Economic Advisors and he clearly has no understanding of monetary policy.

This is how dembots think

 

[iamwhatiseem]

This interview is embarrassing. This is the man President Biden nominated to be the Chair of the Council of Economic Advisors and he clearly has no understanding of monetary policy.

YOu catch on late.
Virtually all of his appointments have been equally clueless SJW's.

 

[struth]

Is he right systemically?

There is no law for a government, at least the federal government going bankrupt, and they could just print more money to pay off government debts.

The thing left unsaid is what would happen to the overall economy.

Still a dumb thing to say even if technically correct.

Money becomes worthless, the economy fails, the nation fails, the govt fails

 

[martybegan]

Nope.

At a certain point, the government's ability to borrow and spend, will not equal the economy's ability to produce enough to pay the interest in the debt. And as noted previously, this leads to inflation, and reduced economic growth.

Eventually we will see societal disintegration.

At that point, he is incorrect. The global elites that control our government, and the financial system know this. If they can't destroy us in any other way, this will be the final nail in the coffin.

View attachment 941601

US spending record amounts servicing its sky-high debt - Asia Times

Consumers and businesses aren’t the only ones feeling the pain of higher borrowing costs because of Federal Reserve rate hikes. Uncle Sam is too. The US

asiatimes.com

Which is why I referenced economic destruction as an effect of it.

But mechanically and legally what is to stop the government from just running the presses?

 

[martybegan]

Money becomes worthless, the economy fails, the nation fails, the govt fails

hence my reference to the economy and what would happen to it.

 

[iamwhatiseem]

Wait a minute... is this Deep fake?
This can't possibly be real. If it is - Dear God in heaven... not even the most devoted Bidenbot can defend this.
Is this real?

 

[struth]

hence my reference to the economy and what would happen to it.

We have seen leftist regimes through history do this, it’s why leftist regimes always fail.

Money is only worth something because people own their labor that makes it worth something

 

[martybegan]

We have seen leftist regimes through history do this, it’s why leftist regimes always fail.

Money is only worth something because people own their labor that makes it worth something

I'm not disagreeing with you, I'm just saying while the idiot might be factually right, he glossed over the consequences, and shouldn't have said what he said the way he said it.

 

[struth]

I'm not disagreeing with you, I'm just saying while the idiot might be factually right, he glossed over the consequences, and shouldn't have said what he said the way he said it.

Well, he’s what dembots give us. This is why you don’t vote for dems

 

[sartre play]

MORE over kill, we seem to pick out the extremes that scare us the most.
Hard to stay calm & factual in this extreme POLITICAL situation.

 

[MisterBeale]

Which is why I referenced economic destruction as an effect of it.

But mechanically and legally what is to stop the government from just running the presses?

It has already been noted. . hyperinflation. The world depends on the dollar, and if the dollar is no longer reliable, we will have global chaos, the government WILL collapse. And I'm not talking about just the GOP or the DNC, or Congress or the presidency. I'm talking about the federal government declaring martial law, and a global war ensuing as the elites bicker over trying to seize the assets of what are left.

Whenever a major power enters a hyperinflationary cycle, not only do parties and ruling oligarchs lose power, but the entire society and establishment collapse, because there are no other means, or efficient ways to facilitate commerce.

With not ways to make loans, pay debts, which is reliable and agreed up, no one will have faith in this government. Not other governments, not the international bankers, not global institutional investors, no one. Factories will stop, and field will go fallow. People will starve, and then there will be riots and wars.

Governments depend upon police and military to enforce their laws and dictates. If the government issues bonds that no one buys, and the printing presses print money that is worthless? Does it matter? If you can't pay the military and police, and they too are starving, they won't show up to work. . . your government collapses, no more government.

We saw this with Germany, with China, with the USSR. .. the entire system will collapse.




Some believe this is what they want, in order to introduce a global digital ID unto everyone, and a global Central Bank Digital Currency. . . Some believe all of this is actually no mistake at all.