cross-posted from: https://thelemmy.club/post/12591808

  • Jared Bernstein, Joe Biden’s Chief Economist, faced difficulties explaining money’s workings in a documentary or Finding The Money,’ despite his role.
  • He stumbled through concepts, highlighting the confusion around government money printing and borrowing
  • Bernstein, who is head of the US Council of Economic Advisers, is not formally trained in economics and appeared bewildered in the clip
  • SuperZutsuki [they/them, any]@hexbear.netEnglish
    6·
    2 months ago

    Modern monetary theory is a heterodox macroeconomic theory that describes currency as a public monopoly and unemployment as evidence that a currency monopolist is overly restricting the supply of the financial assets needed to pay taxes and satisfy savings desires.

    In the wikipedia description they’re saying the government is the currency monopolist (as in they are the sole suppliers of currency). Thinking about it more, billionaires are more like money kulaks that hoard it and instead of the government redacting them and redistributing the currency, they encourage it and are heavily controlled by the billionaire class to keep everything concentrating upwards.