Biden Economic Advisor has Zero Clue how our Monetary System Works
- Thread starter Phenomenally Frantastic
- Start date
Is that where a Government borrows & spends money to artificially inflate GDP in perpetuity?
There is context missing from this.
He’s being asked basically to explain MMT, but twisting himself up.
Anyone know where the full interview could be found?
He’s being asked basically to explain MMT, but twisting himself up.
Anyone know where the full interview could be found?
He is a freaking IDIOT!!! He and Harris are a match made in heaven.
Modern Monetary Theory (MMT): Definition, History, and Principles
Modern Monetary Theory (MMT) is a macroeconomic theory that says government spending should not be restrained by fears of rising debt.
Support for MMT grew in large part thanks to the internet, where economists explained the theory on popular personal and group blogs, the idea of a trillion-dollar coin was widely discussed, and supporters shared a clip of former Federal Reserve Chairman Alan Greenspan saying pay-as-you-go benefits aren’t insecure because “there’s nothing to prevent the federal government from creating as much money as it wants and paying it to somebody.”Modern Monetary Theory (MMT): Definition, History, and Principles
Modern Monetary Theory (MMT) is a macroeconomic theory that says government spending should not be restrained by fears of rising debt.www.investopedia.com
There’s nothing to prevent anyone from counterfeiting as much money as they want and paying it to somebody too.
But Greenspan understood the consequence of that:
"We can guarantee cash payments from here on out, what we cannot guarantee is the purchasing power of that cash." -Alan Greenspan during remarks on Social Security, Feb 16, 2005
Anytime I encounter an MMTer online they don’t want to discuss why MMT hasn’t worked in Zimbabwe or Venezuela.
They assert that the resulting inflation will be tamed by the government raising taxes to ‘take the money out of the economy’.
Hence they show the same political naïveté as they do economic.
You tell me.
Thread 'Witness the Earth’s Rotation'
https://iowa.forums.rivals.com/threads/witness-the-earth’s-rotation.442676/
Yes, record job production and some of the lowest inflation rates among the developed world. We are clearly screwed.
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