Jared Bernstein, a longtime economic aide to President Biden and chairs the White House Council of Economic Advisers, said that the US cannot go bankrupt because we can print our own money. He failed to explain why the US government chooses to borrow money when it prints the money. He was completely baffled by the time he finished trying to explain it. He said, “I guess I’m just, I can’t really, I don’t get it. I don’t know what they’re talking about.”
G. Edward Griffin, author of the book, The Creature from Jekyll Island, A Second Look at the Federal Reserve was asked for his explanation. He replied as follows:
“The federal government and the taxpayers are the borrowers, while the Federal Reserve (the consortium of commercial banks that own and operate the Federal Reserve) creates the money that is loaned. The money does not exist prior to the loan. It is true that governments could create their own money and, thereby, avoid paying interest on it as they now do, but it also is true that those same governments, over time, have become subservient to the Federal Reserve, and it would be political suicide today for politicians to seriously try to cut the banks off of interest payments on money they do not even have.It’s a scam, of course, but devious enough that most people, including Mr. Bernstein and Mr. Biden, do not understand it – and it is so outrageous that, if they did understand it, they likely would not believe it.”
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In a recent cringe-inducing moment, Jared Bernstein, Chief Economist and Economic Policy Adviser to President Joe Biden, found himself in hot water as he struggled to explain the basic concept of how money works. This occurred during an interview for an upcoming documentary titled ‘Finding The Money’, which aims to delve into the complexities of the economy.
The film’s preview teased viewers with the elusive nature of understanding money, even for those deeply involved in economic policy-making. During one particularly uncomfortable exchange, Bernstein seemed to trip over the question of how money is created and circulated.
“We all use money, and yet the questions of what is money, and where does money come from remain elusive,” the film states in the preview.
Initially asserting that the US government cannot go bankrupt because it can print its own money, Bernstein’s response soon descended into repetition and uncertainty.
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“The US government can’t go bankrupt because we can print our own money”, Bernstein initially stated, reports the Express. However, when the interviewer sought clarification on the government’s borrowing practices, Bernstein appeared to struggle with coherence.
“Well, some of the language is just confusing. The government definitely prints its own money. The government definitely prints money and lends that money. The government definitely prints money,” Bernstein kept repeating.
“It then lends that money by selling bonds. Is that what that they do?”, Bernstein queried himself. “They sell bonds and then people buy the bonds and lend the money. Yeah,” he eventually confirmed, as if to convince himself of the response.
Despite his position as Chief Economist and Economic Policy Adviser, Bernstein’s struggle to explain fundamental economic principles did not go unnoticed. He openly expressed his exasperation, conceding: “I don’t get it. I don’t know what they’re talking about.”
This episode unfolds against a backdrop where economic matters are a hot topic, with inflation worries, employment concerns, and soaring prices at the center of many conversations.
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Offline is a documentary on the inevitability of the Earth being slammed by a mega solar flare – not the common type that interrupts communications and creates a light show in the Northern skies – but the big brothers thousands of times more powerful. These monsters deliver enough energy to blow apart the master transformers that supply the planet’s energy grids. When that happens, the lights go out for longer than anyone wants to think about. These X-Class solar storms hit the Earth every 150 years, on average. The last one arrived 156 years ago. We are overdue (More)
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Milton Farrow
5 months ago
HE’S GOT IT WRONG- (1) MONEY WAS INITIALLY CREATED BY THE USING THE BIRTH CERTIFICATE OF THE NEWBORN ( YOU CAN CHECK FIDELITY BOND FUND AND YOU YOU FIND BONDS ISSUED ( TREASURIES) IN THE NAME OF YOUR DECEASED FAMILY MEMBERS AS WELL AS YOURSELF-don’t even think about claiming the money they will arrest your ass and jail you). It is the printing of these initial bonds in the name listed on the birth certificate ( which is how you are granted a SS card number – the bonds are then listed on the NYSE short and long term-) the… Read more »
Bob Wilkinson
5 months ago
The 7 presidents that opposed a private central bank and or printed greenbacks were assassinated. Such as Lincoln and JFK. Could you do an in-depth article on this? Thanks.
Olde Reb
5 months ago
I respectfully suggest the frn’s in our pockets are a credit from the FR [an IOU] that used to state they were transferable at the Fed for ‘lawful money,’ for gold or silver that now, after legislation, declare they are a legal tender, i.e., a govt document with taxpayers responsible for the stated value of statutory money which relieves the FR from producing lawful money.
Andrew
5 months ago
It is mind boggling that a person who has no clue that money is created via a keystroke on a computer and that it didn’t exist before it was typed into existence is in the position he’s in……
Olde Reb
5 months ago
Initially asserting that the US government cannot go bankrupt because it can print its own money, Bernstein stated.
What do you call it when the auctions of Treasury securities receives no bids ?
Cc
5 months ago
The Money Masters by Bill still explains the creation of money very well.
Tom Ball
5 months ago
I can believe that Biden is stupid enough not to understand it but Bernstein and company know exactly what they are doing, namely , WRECK the AMERICAN ECONOMY so they can have a “great reset” and full control over everyone via their central bank digital currency.
The people who engineered 9/11 are sinister but they’re not stupid.
He’s playing dumb because he’d rather appear ignorant rather than merely malevolent.
Offline is a documentary on the inevitability of the Earth being slammed by a mega solar flare – not the common type that interrupts communications and creates a light show in the Northern skies – but the big brothers thousands of times more powerful. These monsters deliver enough energy to blow apart the master transformers that supply the planet’s energy grids. When that happens, the lights go out for longer than anyone wants to think about. These X-Class solar storms hit the Earth every 150 years, on average. The last one arrived 156 years ago. We are overdue (
HE’S GOT IT WRONG- (1) MONEY WAS INITIALLY CREATED BY THE USING THE BIRTH CERTIFICATE OF THE NEWBORN ( YOU CAN CHECK FIDELITY BOND FUND AND YOU YOU FIND BONDS ISSUED ( TREASURIES) IN THE NAME OF YOUR DECEASED FAMILY MEMBERS AS WELL AS YOURSELF-don’t even think about claiming the money they will arrest your ass and jail you). It is the printing of these initial bonds in the name listed on the birth certificate ( which is how you are granted a SS card number – the bonds are then listed on the NYSE short and long term-) the… Read more »
The 7 presidents that opposed a private central bank and or printed greenbacks were assassinated. Such as Lincoln and JFK. Could you do an in-depth article on this? Thanks.
I respectfully suggest the frn’s in our pockets are a credit from the FR [an IOU] that used to state they were transferable at the Fed for ‘lawful money,’ for gold or silver that now, after legislation, declare they are a legal tender, i.e., a govt document with taxpayers responsible for the stated value of statutory money which relieves the FR from producing lawful money.
It is mind boggling that a person who has no clue that money is created via a keystroke on a computer and that it didn’t exist before it was typed into existence is in the position he’s in……
Initially asserting that the US government cannot go bankrupt because it can print its own money, Bernstein stated.
What do you call it when the auctions of Treasury securities receives no bids ?
The Money Masters by Bill still explains the creation of money very well.
I can believe that Biden is stupid enough not to understand it but Bernstein and company know exactly what they are doing, namely , WRECK the AMERICAN ECONOMY so they can have a “great reset” and full control over everyone via their central bank digital currency.
The people who engineered 9/11 are sinister but they’re not stupid.
He’s playing dumb because he’d rather appear ignorant rather than merely malevolent.