Posted on 05/03/2024 10:58:25 PM PDT by knighthawk
Jared Bernstein, the Chief Economist and Economic Policy Adviser to Joe Biden, has been featured in a clip in which he struggles to explain how money works.
Bernstein was being interviewed for an upcoming documentary about the economy entitled Finding The Money.
'We all use money, and yet the questions of what is money, and where does money come from remain elusive,' the film teases in a preview.
(Excerpt) Read more at dailymail.co.uk ...
IS THIS FOR 3rd graders???
Explaining how money works a vague, politically charded thing to do. Would someone like to give a brief explanation here?
I have never actually seen such incompetence. He is a music and social worker graduate. He has absolutely no training in economics. Is it any wonder our economy is so effed up by these people?
Simply unbelievable how irresponsible this is to do to appoint such an idiot to a position of advisor in economics.
Your definition is accurate but it also admits that our monetary system is a house of cards really. Another inconvenient truth. Actually, gold or any other monetary instrument is constructed no less than sticks with notches. Just something someone has attached value to. Recall the tulip craze?
Very good question.
"Money" is simply a claim on debt - with "debt" being a claim on the future labor of the debtor, or claims on the future labor of others (money) that the debtor will use to pay installments on the debt.
In other words, we have a major shrinkage of US money in the global economy, and most all countries settle international trade in dollars (electronic, not printed).
This also means that we are having a crash in the amount of debt, since money is simply a claim on it.
This leads to a global recession, and very possible depression. (Not enough money against a set of goods and services).
How does a debt-based money supply seek to fix this? By increasing the amount of debt held as quickly as possible - seeking to slow down and hopefully reverse the crashing money supply (crashing debt - sometimes by entities walking away from debt owed meaning the "claims" on their future labor cease as well as the money that was represented by it.
What's the best way to create debt fast, in a cyclical manner? War.
War supplies are very expensive, and need to be replenished very quickly. Governments have historically sought to correct economics recessions/depressions by warfare - often funding both sides of the conflict, as the US is doing with Israel and Hamas.
What are other ways of creating new debt?
By forcing a change in tooling and infrastructure within an economy.
Does anyone really think the government cares about "climate change" or "electric vehicles"?
Not at all. They care about forcing an entire economy to use these things so that massive amounts of new debt need to be created to make it happen.
Remember - debt (which money represents) is always decreasing, either through payment of principal or default.
If new debt stops being created then things get economical bad very fast.
It's all a game.
If one owns US Treasury securities then one has a direct "claim" on the future labor of others.
If one has physical cash then one has a "claim" (cash) to a "claim" (the US Treasuries backing it on the Fed balance sheet) on the future labor of others. It's a second derivative.
Buying precious metals with cash makes those metals a third derivative - a "claim" (gold/silver) to a "claim" (cash) to a "claim" (US Treasuries backing the cash on the Fed balance sheet) on the future labor of others.
Bottom line - seek to hold first-order claims on debt. That will have the highest order of payout when it all hits the fan - which it is and it will.
Stay safe...
Exactly.
Let me ask you a question.
Why do you think there has been an uproar over using the term "master" in society?
Is it because of social justice? Is it to be polite?
Or is it because your economic masters don't want you being able to refer to them with their actual title?
It used to be that the Treasuries of each nation issued the money supply - spending it into the economy through public works projects and relying on monetary velocity for it to spread through all segment. When the economy got too hot then taxation could be used to bring some of that money back in and destroy it.
The economic masters didn't like that. Why?
Because the money supply was based on the "completed" labor of the populace (no debt) instead of "claims on the future labor" of the populace (debt).
How can one control a populace and be their master if they don't have control over the future labor and actions of that populace?
The economic masters not only enslave present generations, but they are able to use their wicked system to also enslave generations not yet born.
"Claims" can be promised ad infinitum. There is no cap.
Read what happened in 1696 when King William allowed the Bank of England to be formed, after his wife Mary (the rightful ruler) died. He convinced her to have Parliament make them co-monarchs.
England was quite happy with their existing non-debt monetary system using "tally sticks" as their currency (look it up).
Debt was forced upon English subjects, who then started getting angry that the Colonists didn't have to use debt-base money also (instead using Colonial Script).
England began the attempt to force the Colonists into debt-based money.
This was the true ignition point for the American Revolution and where we are today.
Anyone attempting to change away from debt-based money has been dealt with harshly.
Lincoln with the greenback. JFK with Silver certificates.
Again, ask yourself why "master" is so frowned upon these days...
Hey, he’s not a biologist.
Currency has value because it's accepted as a valid substitute for something sold/bought, traded, or exchanged (including labor).
There's no magic to it.
If it's a house of cards, it's been working, in one way or another, since the dawn of time.
The first writing, probably Sumerian or lower Mesopotamian, was developed for accounting and trade (i.e., IOUs).
“The guys an absolute blithering idiot when it comes to economics.”
Im met Bernstein at a conference about ten years ago. He’s a complete political hack.
The lady asked a good question in the interview, "Why do we borrow the very money we have printed?" Answer? Without debt there can be no enslavement and no profits for bankers and the federal reserve. There just is not enough money in holding deposits for a fee.
The whole scam is a confidence game of markers in exchange for goods and labor. It didn't begin that way though did it? It morphed into the monster it is today. A monster that eats away at value and creates a greedy middle man.
I can't say I have seen the uproar over using the term "master" but I'm not too main stream. I don't watch news, don't talk to many people, don't even see that many people. My circle is very small and mostly homogeneous in thought.
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