Posted on 05/04/2024 5:01:08 AM PDT by george76
Jared Bernstein is perhaps the most influential "economist" in the United States.
I put economist in quotes, despite his being an academic who has taught the subject and has advised Congress and the highest elected officials in America. I do so because he is a moron. He is such a moron that Paul Krugman himself admires him for his economic insights.
He is that bad.
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This is absolutely priceless. And probably the most frightening clip you'll ever watch on the people in charge of the US economy.
Jared Bernstein is literally the Chair of the Council of Economic Advisers, the main agency advising Biden on economic policy
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He literally does not know the most basic things about government finance despite being an acknowledged "expert" on the subject. He has the same grasp of basic economics as a third grader.
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It's hard to think of much to say beyond the obvious. Knowing that he helped manage the economic policies of the Obama and Biden administrations explains why they have been such monumental failures.
It is certainly true that the government prints money, but the more money the government prints the less valuable the money becomes. In order to maintain the value of money it needs to be connected to the real value of the goods and services produced in the economy or to a commodity, such as gold, that people value independent of the pieces of paper (or digital bits) that get "printed."
If the money supply expands faster than the real value of the goods and services inflation explodes. Period. End of story. There is no magic money machine, and never will be.
This is the reality of fiat currency. It is also why inflation is caused by excessive money printing.
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Money in Zimbabwe doesn't exist anymore, at least as a trusted means of exchange. Shopkeepers exchange handwritten pieces of paper that are essentially IOUs. You can use US dollars, but since there isn't enough change, they give these IOUs to customers as credits for future purchases.
HARARE, Zimbabwe—On a recent afternoon, Rutendo Manyowa handed over a U.S. $5 bill to pay for her $3.50 order of chicken, fries and a soft drink at a popular fast-food joint in the Zimbabwean capital. But instead of a $1 bill and two quarters in change, the cashier handed Ms. Manyowa three slips of paper, bearing the restaurant’s name and the amount of money she could use to buy her next meal.
Zimbabwe, the country that brought the world the one-hundred-trillion-dollar bill, has reached a new stage of monetary dysfunction. Because of a lack of small change, businesses have started printing their own “money”—scraps of paper, sometimes handwritten, that customers can use to pay for future purchases. Others are handing out change in-kind, making customers whole with juice boxes, pens or slices of cheese.
The paper chits and other pecuniary workarounds are the latest products of two decades of extreme mismanagement of Zimbabwe’s currency.
That is what happens when you print too much money. At one point inflation was so high that it reached 79.6 billion percent.
You read that right.
Jared Bernstein, the chairman of Biden's Council of Economic Advisors and hence one of the most powerful men in the world DOES NOT KNOW THIS.
What else is there to say? If Biden gets reelected we are doomed. Game over.
When this is pointed out to people like Bernstein they immediately start talking like Atlas Shrugged villains: “You have to consider the human element! Facts never put food on the table!”
“US government can’t go bankrupt because we can print our own money,” says Biden Administration
https://cryptobriefing.com/us-money-printing-debate/
Unbelievable is right. But then again look at who this unbelievable economist is advising, an even more unbelievable president. If unbelievability is relative, he probably looks quite believable through the eyes of the Biden!
Zimbabwe Launches a New Currency…Again
https://www.wsj.com/world/africa/zimbabwe-launches-a-new-currencyagain-0696a104
When the bottom falls out they’ll blame Trump
“ We are not out of money. There are still checks in the check book”
The Left always needs a Fall Guy. Personal Responsibility is never in their queue.
Like Barack Hussein Obama, he is a stupid person’s idea of a smart person.
I can’t remember which FReeper said that, but it is as accurate as can be.
Last sentence: “...If Biden gets reelected we are doomed. Game over...”
True, although it is already “Game Over”. While all the suckers are looking at Ukraine, a USA collapse IS certainly coming.
A nation cannot survive when you bring in tens of millions of unskilled freeloaders. The USA is currently (right now) filled with over 90 million foreign born leaches. The majority of them are getting some type of welfare “assistance”.
A large portion of the $7 trillion dollars printed out of thin air by the Puppet Biden regime is going to all those illegal alien cockroaches.
When the sh!t hits the fan, every member of this junta will be executed, including the propaganda roaches at CNN and MSNBC. /spit
I didn’t say that..but I wish I had.
PS Obama is an idiot.
Yes it truly was a brilliant observation.
Did the smooth-brain backbencher get-alongs in congress vote to approve this unqualified nitwit?
Wouldn’t surprise me
If you have a SC nominee that can’t define what “a woman is”
then you’ve entered “The Twilight Zone”
And ........ ‘1984:
The guy does have an air of superiority which is convincing to one heck of a lot of people. Whenever I see him on a panel or sitting for an interview, I know it will not go well.
Don’t be fooled. This guy isn’t a “moron”, he knows exactly what is going on.
He simply couldn’t recall what the Official Line of Bullshit is on the subject, got caught in an unguarded moment is all.
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Jared Bernstein is perhaps the most influential "economist" in the United States. I put economist in quotes, despite his being an academic who has taught the subject and has advised Congress and the highest elected officials in America. I do so because he is a moron. He is such a moron that Paul Krugman himself admires him for his economic insights.
He was a professor of social work with graduate degrees in that field. His undergraduate degree was in music. If he ever taught economics, it would have been in a very particular field or subfield. His subsequent work at an activist think tank and in the government was as an advocate and bureaucrat. He doesn’t seem to have much understanding of macroeconomics or of finance.
“If you have a SC nominee that can’t define what “a woman is”...
Why wasn’t the question first phrased with, “As a mother yourself”...
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