Modern Monetary Theory (MMT) is a macroeconomic theory that says fears of rising debt should not restrain government spending.
In the documentary “Finding the Money” by Maren Poitras, Jared Bernstein, President Biden’s Chair of the Council of Economic Advisors, was asked why the government must borrow money instead of printing it.
Mr. Bernstein’s answer was:
“Well, um, the uh. So the, I mean, again some of this stuff gets… Some of the language and concepts are just confusing. I mean the government definitely prints money. And it definitely lends that money, which is why, um, the government definitely prints money and then it lends that money by uh, by selling bonds.”
“Uh, is that what they do?”
“They, they, um… they yeah they, they um…”
“They sell bonds. Yeah, they sell bonds, right? Since they sell bonds and people buy the bonds and lend them the money. Yeah, so a lot of times, at least to my ear with MMT, the language and the concept can be kind of unnecessarily confusing, but there is no question that the government prints money and the… it uses that money to um, uh… So, um… lets see, uh… “
“Yeah, they print money, and they use that money to… um… they sell bonds, they borrow.”
“Um… Yeah, I guess I’m just, I can’t really talk. I don’t get it. I don’t know what they’re talking about like, cause it’s like, the government clearly prints money. It does it all the time and it clearly borrows otherwise we couldn’t be having this debt and deficit conversation.”
“So, I don’t think there’s anything confusing there.”
After Mr. Jared Bernstein’s explanation, there is no more confusion. So, if you still think that the United States federal government has run out of money, think again. Bidenomics, that miracle worker in Biden’s administration, has done to America what everybody else has failed before him: bankrupting the U.S. economy, or has it?
But don’t just believe me; watch Maren Poitras’s documentary Finding the Money.
Learn more: Finding the Money – There’s another side to the national debt. (findingmoneyfilm.com)