“U.S. Gov. Can’t Go Bankrupt - We Print Our Own Money!” Says Biden’s Advisor
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- čas přidán 20. 05. 2024
- Biden economic adviser Jared Bernstein delivers a word salad on how the Fed works.
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Get ex trader Gary Stevenson on.
GROW A PAIR JIMMY
Bill Still documentary Money Masters
Printing your own money was the motto Counterfeiters had!
Congress passes spending bill needs 50 billion!!! They issue treasury bonds to the Fed they HOLD THOSE BONDS AS NO ONE IS BUYING ... The Fed sends an order to the mint to issue 50 billion and the fed inturn sends it to where congress allocated it to!!!!THE FED IS THE BENEFICIARY OF THE INTREST ON 66 % OF THE 34 TRILLION OF DEBT AS ALL THE CHARTER MEMBER BANKS HAVE PRIVATE SIDES THAT THE INTREST IS SIPHONED INTO THEN INTO THE PRIVATE SIDE IF VANGAURD TO BUY ALL THE PRIVATE PROPERTY AS ONCE PRIVATE PROPERTY IS GONE SO ARE YOUR RIGHTS!!???
A better question is. If the government can print money. Why do we pay taxes?
Because nothing would accelerate the ditching of the dollar as the world reserve currency more than that. And if that happens then our ability to print money with minimal consequence goes out the window.
@@antoniorenteria2896 The idea that the consequences are minimal is a fucking lie. You have to be actually slow to believe that. The inflation is simply drawn out over a long time, and controlled by not using the money. Which leaves us massively open to being fucked by whoever is holding it. You want to see the actual rate of inflation just look at 2021. 10% inflation. for 1 single year.
The first reason is to steal your money through inflation. The second reason is to prevent people from raising their own funds to do the things the government is supposed to do but will never do.
The primary purpose of taxes is to give our currency value. Another is to modify behavior.
@@sergioarana1309 Finally, someone gets it.
Why the heck do I pay taxes 6 ways for every dollar, if the government can fund itself with unlimited printing money?
Ask your representative, not CZcams.
EXACTLY...You just asked the question every single political hack dreads !!!
Why can't we all just print it, 😂
Because taxes pay the bankers
Cause its a big club and you ain't in it.
Our country is run by Saturday Morning Cartoon Villains.
Children. Our country is run by children. How do I know? Well, how do adults get money? They have a job. How do children get money? They get it from people who have jobs. How does government get money? They take it from people who have jobs. They are children.
Correction: sociopaths.
@@kylewatson5133that's because they think we're😊 children
No, Jewish Gangsters since 1913.
The world…100 families
He’s got a degree in Bidenomics
Bidumonics
This started with Reaganomics. Don't pretend this started 3 years ago.
@@dienekes4364your an idiot.
Worse, Music and Social Work, not any kind of **nomics.
If you where gonna run a scam on the American money and economics, you wouldn't hire someone who could understand it's a scam.
These questions are all extremely antisemitic.
Lol :D - I personally think the question was.....long overdue.
Altzimers has set in.
Hahah
The ADL is coming out soon
HAHAHAHAHA.....THATS A GOOD ONE
“There is always money for war. You never hear political leaders say they can't go to war because the country can't afford it. They claim not to have money for the poor, homeless and hungry, but war? It's never a problem.”
-D. I.
Funny how that works!! Cep it's Not Funny!
Imagine if they had to pay for war with real money like gold etc
They got money 4 wars but cant feed the poor - 2pac
Exactly
War is the only reason we even still have an economy TBH, so cant fault them for that
Reminds of the old joke about the wife who told her husband, "We can't be out of money. I still have more checks."
Or like my kids said…”just go to ‘MAC’ to get money.
My 5 year old once said to me when I told her I couldn't afford a toy she wanted, "Just make a check." That's what is wrong with bidenomics.
Lol... Yikes!!!
That was my ex husband. He bankrupted us twice.
I used to say, "I'll write a check, it won't cost me a thing."
This is so unfair. The USSR was the second economy in the world; we went 'bankrupt' in 1991 with about $100 billion in debt. I remember reading some of the English-language articles from the time about how horrible and inefficient the USSR's economy was and how it was a sign of the failure of socialism. Now the US is an astounding $34 trillion in debt and everyone says everything is fine?
@HedonisticPuritan-mp6xv 😂😅
There was a leader during WW2 that predicted it but I’ll let you guess which one it was.
And the Soviet Union was ran by these EXACT SAME PEOPLE !!
I've seen the efficiency of the economy of Soviet Poland from up close.
Meat, lard and butter produced in my town was being sent to the West while my people folks had to eat potatoes and margarine.
Coal from my country was being sent to the West while people froze in their tiny cramped flats.
Everyone had money here, no problem, it's just that there was no option to buy anything other than vinegar and mustard at the grocery store.
You may want to learn what USSR was: a vassal state to the West.
You've been living a lie.
@@Doood692 Hitler??
They can't even find someone competent enough to obfuscate the issue without embarrassing himself. We are so doomed.
It's the Federal Reserve's Money...Arrest the Bankers.
The Austrian Painter did, part of the reason they hated him so much.
oy vey!
@@JooT00b-bm1ms Yes, that Painter, while he was still a Corporal, attended a meeting, and listened to a man named Gottfried Feder. The painter appointed Feder to set up his economics to pull the county up out of darkness. That Europe's anemy put Germany in.
It doesn't matter what the laws say
The hand that gives is above the hand that receives
- Rothschild
Michael Malice's dad is/was at Merrill Lynch investment firm and Michael was at Goldman Sachs. His description of money creation is equally unintelligible.
'The Creature from Jekyll Island' is probably the greatest book I have ever read on history.
What’s your favorite revelation?
@@bperez8656 A surprising few number of people make the decisions for all of us.
@@bperez8656 That The Federal Reserve Bank of the United States is a private bank that creates money out of thin air and then lends it to our government which we have to pay back plus interest. Then the government deposits that money in the banks - owned by the same people - and they then are allowed - due to our Fractional Reserve Banking System - to create ten times that money (also out of thin air) and lend it to us which we have to pay them back plus interest. It's the biggest scam in the history of mankind. THAT is why they won't allow you to understand it.
That book is the dumbest book I have ever read on history.
@@JethroTClampetsad you needed a book for that. Most have just been paying attention. Even joked about as kids.
We are so screwed
No we not…the empire may collapse but that to shall pass.
Keep watching... it's gonna get waaaaay worse
Kamala has met her match.
😂😂😂😂😂
😂😂😂😂
Kamala had 1 main speech I can remember where she was talking like a teen girl who just woke up from a drink stupor and trying to sound philosophical.
Jared Bernstein...sounds like a guy who got the job from being buddies or family to the elites and has no clue or concept wtf they're talking about and doesn't even bother to prepare himself to answer simple economic questions. There are 5th graders out there who could reply more coherently and logically then he did
Sounds safe and effective.
Do you not trust the experts?
Economics is settled.
lol
😂😂😂
Time to whip out my printer, print about $8,000, and send it to Discover to pay off my card. Let’s see what happens!
Should be , if they can do it , You should be able to do it too 🤔
You get arrested for counterfeiting. How do people not know how the monetary system works?
Because it USED to be backed by gold so the paper had value. It used to be that EVERY buck had an amount of gold that it represented!
Since we've trashed the gold standard, our cash has a base value of FVCKALL!
We're just hoping that other countries don't truly call us out.
However, that is starting to happen.
@@HedonisticPuritan-mp6xvsure but real asset holders still win and come out better so mostly it’s just the workers and poor who get recked
The people are the creditors. "your" birth certificate is a bond.
Well that’s why they invest so much in the MIC and all those bases overseas.that’s why our mantra has been to keep Germany and Europe down or biggest competitor which we have by proxy of Ukraine and now we are going to do the same with china
It’s basically Fiat currency - as opposed to money. And since interest cannot be repaid for Fed is the only entity that can create currency, thus the currency supply has to be perpetually inflated, with freshly created batches enriching the ologarchy before passing the inflation to the rest of the public. It’s neo-feudalist system, basically Old World Order repackaged. It then creates upper tiers of economy, incrementally decreasing rungs below the Fed ie Wall Street speculators, corporations, etc all the way down to regular business owners, all the way down to workers who then fight for the lion’s share of this gigantic ponzi scheme while others get left out and while the nation (nations) devolve into 1st/3rd World hybrids ie Malibu gated community vs Detroit hell hole.
This is the single most important war and peace issue on the planet and so very few people understand it.
It’s the most advanced Rube Goldberg machine yet developed
Kite
You are so absofukinglutely correct.
The world only holds a few trillions of US bonds.
The largest holder is the Social Security fund & the rest.
So they are devaluing your money/future.
Anyway, who would buy a piece of paper which will lose half of its value in a few years?!
We are borrowing from ourselves.
If it was me, they would put me in prison for the fraud.
Print $200 trillion
Yeah, and make us all wealthy, hahaha.
Buy back the Debt and forgive it.abolish taxes,no more irs no more personal,corporate taxes no more capital gains taxes or sin taxes.what a woman and man and a company earns they keep.its called having your cake and eating it. @@michelleanderson4660
It won’t be enough.
Might take a little while
and you have to pay $1000 for a burger
Money is a way to enslave u.
If the slaves could finally understand the tool that strips their freedoms
Inflation enslaves you.
Fiat is a way to enslave you. Debt is a way to enslave you. Money is empowering
Money is meant to be a way of facilitating transactions but it's been turned into a weapon.
It's not money, it's currency. A fiat currency based on debt instead of Gold and Silver. That's the problem.
That guy advising Biden says it all.
😭
This has worked so well for Zimbabwe 😂
un destroyed rhodes in order to cause mss famine in africa.. that´s zimbabwe now.
Weimar Germany agrees that it’s a wild success
@@pauln00bthey kicked out all their farmers and gave those farms to their friends, then their agriculture was destroyed. They were an exporter of food in before that.
Then the government started printing money to buy all the things they used to be able to produce themselves.
All while Mugabe was stealing the country dry while his wife was going on shopping sprees in Europe and Dubai.
@@dirkvanvelden8378 HAMMER MEETS THE NAIL. NAILED IT
Sanctions will do that. As well as political corruption.
The truth is the opposite of what they say
Everyone knows the we will repay the debt with land!
I wonder why I pay taxes now if the GOV can just print what I supposedly owe them.
Taxing Removes dollars to balance the economy and they back our currency! The Federal government deficit is our surplus! Only problem is the wealthy are hogging the surplus and paying the least amount of taxes!
You pay taxes so you can suffer in the name of Judeo Christian Jeezus so Israel can prosper with your hard earned money
If they eliminated taxes the USD would collapse
@@tottifan6979 NO they just print some more give it to the taxpayers to pay it back.
@tottifan6979 good! The only thing propping up the U.S. dollar is the black market
There is no 'Federal" in the Fed. It is a private company, not a government institution.
It's Federal in the same sense as FedEx
Officially private but in reality it's controlled by the government. Especially by the president. And the president is largely controlled by the deep state.
All the presidents are not Christians.
Yes and no, the chair of the fed is appointed by the president and the US senate, so it's not exactly totally private
@@Xanlet Nuh-uh guys.. thing is, are you even sure that your government is not privately owned... by Israel????
Printing money, aka inflation.
No, federal govt has been spending trillions for MIC and .1%… then suddenly after all these years !!’inflation”- while corporations take in billions
It's technically deflation. The dollar loses value. For the most part goods and services get cheaper to provide, so inflation goes down. The value of the dollar deflates as we manipulate currency
@@paulknebel5726 "we". Do you manipulate the currency? Who is this "we"?
@@paulknebel5726it is inflation. The money supply grows
@@Klonering the federal reserve bank and US government. I would assume all countries try to manipulate their currency.
Sounds safe and effective
Printing money is simply taking out a credit card that your grandchildren will have to pay off.
Everyone is missing this really big concept. The fed is privately owned. And ultimately the US owes private individuals that control the money supply. Now… ask who owns the fed.
Nobody really knows outside their circle. But it's likely the bankers that profit off of the bonds they buy etc.
They're printing their own money and we're agreeing to use it. All wealth flows upwards to them and we pay the debt on their loans.
I am reporting this comment for antisemitism.
@@Zilma-jm8sz😂
This is the real answer.
The US govt is a corporation that works for the Fed.
Rothchilds and other star families....
It's not that he didn't know the answer - its that he didn't expect anyone to ask the question: none of them did.
Read "The Creature of Jekyll Island". Once you read this book you'll understand what the Federal Reserve actually is.
That book does not understand how fractional reserve banking works.
@@nobodynever7884How does it work?
@@ChiChi-jg1ch Imagine this, many people all deposit 100 each into a bank. The bank calculates that a much smaller number is going to be withdrawn at any one time, so they take all of those deposits and loan most of it out again to other people. Now all of the people with bank accounts there believe they have 100 each in the bank, but often only 20 dollars each are actually in possession of the bank, the rest have been loaned out.
Multiply this again and again and the amount of money supply in terms of what people believe they own is actually vastly higher than the total number of dollars that actually exist. In short, the banks only keep a fraction of their deposits on hand and loan the rest out, so multiple people believe they "own" the same dollar as it moves around from loan to loan.
As we know, increasing the money supply causes inflation, therefore fractional reserve banking simultaneously drives inflation and also causes a massive risk of collapse if too many people demand their dollar back and have to fight over who has the highest right to the actual limited number of dollars that have been passed around too many times.
And Eustace Mullins’ Secrets of The Federal Reserve
If people want to learn about the FED, they should research the Rothchilds.
Carnagie. Jp Morgan chase too. Any tlc bergers
Print money for APAC for legalizing bribery in the Congress and send it abraod
They do 😂😂😂
We give them BILLIONS of tax payer money so AIPAC can lobby our congress 😂😂😂😂
Following this idea that we can print money to avoid default, why does the government need to collect taxes??? Just print even more, and while we're at it, people don't have to work, just print still more money and give it to them. Utopia in a nutshell. What could possibly go wrong???
Printing causes inflation by increasing the money supply, taxes decreases inflation by lowering the money supply. Also, when the fed prints money, there is no interest and no expectation of repayment (even though it is recorded and added to the national debt), but when the government sells bonds they have to pay interest and then ultimately just print the money when the bond matures anyway. This is what Stephanie Kelton and the MMT people are pointing out, why would you borrow at interest and then print to pay it when you can just print to begin with and save the interest.
There are many misconceptions at play here too, since many of the economists being referenced here are focused on keeping inflation down, but because the terms and theory are somewhat esoteric, many lay-people just project bad motives because they don't understand it, rather than take the time to examine the fact that one side is saying to use the tool of bonds to push inflation later and even it out and one side is saying just print to begin with so you get less inflation from also having to print the interest on a loan.
@@Xanlet so tax the poor, great idea
@@mckenzie125 My man, how on earth did you get "tax the poor" out of anything in my post?
Personally, I favor a negative income tax so that the poor receive guaranteed income which gets taxed back the higher up your own income goes.
As far as I can tell, this is the one policy which would actually have support across the political spectrum while also making a direct and tangible positive impact on the lives of a huge number of people and especially people who are struggling. (Even conservative economists like Milton Friedman have advocated for this policy)
He’s got a DWI in Economics. 😂. What a mess we are in.
😂
They don't make money, they take money
what a genius to tell what usa has been doing for decades to avoid bankrupt lol...
That guy sounded like he was in a weird SNL skit.
To think in 1960 $100 could buy what $3,200 can 2Day all because of the Printing Game.
It’s still just a magic trick…I love how we’re pretending like it’s not. No one can explain how this pyramid scheme works with a serious face…even the guest tried doing it and was visibly fighting his urge to say, “wait a minute”.
Greenspan: 0% chance for govt to go bankrupt because they can devalue the currency.
Me, a lowly plebian: The US Dollar will collapse before 2026.
His statement is still true. Zero chance of default.
I swear to God I hope you're right!!
@@MikeFreeMan-ty1ms The only way they can default if if they choose too! Like not raising the debt ceiling!
@@jodylynn840 They can't raise the debt ceiling. It's impossible without collapsing the currency itself. Ergo collapsing the economy. So you can choose not to raise it, but you're then potentially raising the entire country to the ground.
@@Atarius0
Bernstein is as confused as Bydon. That's why this guy is in charge. Everyone shout: HELP.
OMG! I spit out my drink when I heard the lady’s question. 😂
I was literally in the 3rd Grade when I learned why we can’t simply print more money, this is very disturbing to me. 😳
hmm? We can and do print money all the time. Bankers are doing it on every loan they do for instance.
It surprises me how many people do not understand how money printing works !
so why collect taxes
Because of democracy
To act as the shock absorber for all the money they are printing
To give you a sense of worth.
To devalue your time work and energy plus your kids for the benefit of a relatively small group of humans . Slavery never ended just fine tuned. We are free range animals never forget that
Ya tell that to Americans who go bankrupt as result the inflation caused by printing money.
Print money for the people and give them health care.🤔
The government doesn't care about the people
I am grateful to America. I was feeling stupid and then I listened to America.
Your welcome.
😅😂@@PaulStringini
Wow. Absolutely terrifying!!
So paying taxes is simply about government control
It’s just about reducing the purchasing power of the middle class.
Since we can just print more money we don’t need to collect taxes…
From wikipedia: Bernstein graduated with a bachelor's degree in music from the Manhattan School of Music where he studied double bass with Orin O'Brien. Throughout the '80s, Bernstein was a mainstay on the jazz scene in New York City. He is of Jewish descent.
He also earned a Master of Social Work from Hunter College as well as a Doctor of Social Work in social welfare from Columbia University's school of social work in 1994.
And he is now basically the Chief Economist for the POTUS.
Sounds like Bill Clinton’s gang.
3:50 it’s not that it’s BORROWING per se, the problem is its Borrowed and INTEREST is accrued.
Interest on money we make? That’s the ridiculousness of this Federal Reserve Scam.
It's not just on the money you make, it's all dollars in existence have interest because it's a debt based currency.
This is why as a muslim I do not want to become rich in or via fiat currency. Now using the money itself is already making us involved in usury.
No wonder the world is so sad.
We are all treated like chattel ..
We are chattel.
@@josephsolowyk7697 autocorrect ... now it's fixed
The problem is thinking that the Fed and the government, the printers and the spenders are two different people. They're the same.
You cannot look at the balance sheets of the Fed (i.e. it is not subject to a public audit), because it is privately controlled. We paid +2 trillion on the debt this year, who receives that money in their personal bank accounts? The shareholders of the Fed.
The federal reserve is a private company who funds the federal government via LOANS with interest.
The USA does not own nor print its own $, it borrows it.
@@SilentiumCivis very true. But if one goes down, we both go down, kinda like a marriage.
Holy shit! I'm just speechless!
It's supposed to be a RESERVE!!!
Can't wait for that Lifetime Movie of Alan Greenspan staring Rober De Niro....
Come on...Why isn't anyone laughing? That was a good one.
And every important person who was against the founding of the Fed just so happened to be on the titanic…
The requirement that we must file taxes is a compliance exercise.
Who here remembers watching Zeitgeist back in the 2000’s on CZcams? Particularly the bit about how money works?
The amateur asks why you have to pay taxes. The pro asks why you have to work to get the money! If billionaires must be bailed out, why not broke people?
The I want my taxes back
I want my savings back
Nothing has terrified me more than watching this.
It is sad they don't even have to "print it" anymore. All they have to do is go enter some zeros on back of their computer spread sheet.
Kurt with the solid financial advice
They put him out there, because they DONT WANT PEOPLE TO UNDERSTAND
It’s true. The U.S. can never go “bankrupt”
I love how Kurt steps on everyone's bits, not just Jimmy's.
He is an equal opportunity bit destroyer.
Yep, wouldn't even let the guest discuss the topic he was brought on to do. He lacks social skills.
It's part of his shtick by now.
@@klumpytheklown3798 He's out of control and tiresome.
We need STFU Kurt button that mutes Kurt and hides his screen while the civilized people speak.
Kurt’s okay. He just needs to leave the coke alone.
Degree in Economics from University of Phoenix.
When asked for comment, the president said, "pause for applause."
Love Kurp and Michael's energy together, they are hilarious and informative!
Love ya Jimmy
Did we wake up from the American dream yet? Wonder why the youth is so nihilistic.
By design
Nightmares are dreams too
You can't pay a debt with more debt. They already tried this in Zimbabwe and Weimar Republic and it didn't work out so well in both cases.
They always try and think they can manage inflation indefinitely.
Dude shifted from im the most badass fkr in the room to a complete and total jibbering mess in the span of two sentences 😅
Our government is a racket.
If they can just print it, why are we paying taxes.
It's what gives the currency value in the here and now. If people don't adopt the currency because it can be discarded on a whim, everyone will discard it. It has to be universally accepted for it to work.
It's a Ponzi scheme that robs the future to pay the present. Since every dollar in existence has interest tied to it, if the debt were to be paid off there would be only the initial debt left over and no currency to pay it. So they must forever increase the money in the system. They regulate it by controlling inflation through some levers they can pull, one of them being taxes.
When they hired those IRS agents and trained them for firearms a lot of people thought they were for collecting taxes and getting potentially violent with people. Personally I think it's for when the currency collapses because it loses all its' value and people go looking for someone's head. Chief among them the IRS.
That moment when you need Peter Schiff to roast an economic advisor. 😂
Even the criminals can't figure out the scam
This should stop anybody in their tracks in buying US debt.
Hey Siri, can you show me a picture of a cartoonish stereotype of a J-goblin?
😂
Just print money - USA
Then why I'm paying TAXES???
Just like Monopoly game: money is fake, we can't print more if we're playing the game by the rules.
Alan Greenspan is literally a Harry Potter goblin
James Clapper.....Gringotts bank manager.
No wonder the painter from Austria got fed up with the same people who ran the banks in Germany.
This is exactly why the United States abandoned the gold standard.
Please, please people - follow the money. Think about it, if the Treasury minted a $50 trillion coin - and launched it into the sun, how inflationary would it be? Well, what if the coin stayed on the planet - but was never, ever SPENT? How inflationary would that be? What if someone bought the moon with it (no, we are NOT discussing valuation of the moon here, work with me) and whoever sold it - did not ever spend that money? How inflationary would that be?
To be inflationary that money has be in circulation in the real economy. The more interconnected the sector in question is with the rest of the real (read industrial, not financial set aside commodities speculation and certain assets like stocks and real estate) economy the more inflationary those expenditures are, for instance, the demand for energy. If company X gets cheap loans courtesy of the Fed (people call it money printing) to do stock buybacks, that will inflate the stock price, and wealthy shareholders will get wealthier, while saving (not spending) most of that money. In other words their marginal propensity to consume is far less than the average consumer, who is living paycheck to paycheck. Therefore the overall activity is far less inflationary in the real economy, as opposed to an abrupt decrease in the supply of oil, which the real economy needs in order to operate.
The big flim-flam here is money printing is being used as a cover for monopoly pricing. And it has been VERY effective. Rising input costs should not make a company's profits go even higher. Stephanie Kelton, and many others, explained that the key inflationary driver is limited supply, either by shrinking the supply (eg. oil shock) or greatly increasing demand beyond available capacity (eg. war). To the extent that demand is fueled by debt (money printing, especially to get cheap debt) more available credit will increase demand. Here's the thing though, debt has been substituted for real wages for decades. What this effectively means is people now need debt to afford the basic, routine things in life. And demand is determined by the availability of credit (eg. higher education). In my day you could in some circumstances, get a car and go to college without ever going into debt. Try that now. Medical bankruptcy was not always the leading cause of bankruptcy.
The problem with no effective price competition due to market concentration is that it's difficult to shop for a truly better price. The cartels have the pricing power in the market, and you will be able to consume as long as you have access to credit so you can afford those prices. You will notice that more and more prices are "sticky," meaning they never come down, as markets get more and more concentrated. Effective antitrust enforcement to reduce market concentration would help increase true price competition. With all this talk of money printing, no one even talks about that.
The way MMT would control the money supply is by taxing the money back out of circulation. For obvious reasons the rich and the corporations they own don't want that. In a way this is part of the problem why we lend money we print. Conventionally, we could tax the money that is leant to the government instead - but the rich would not make money that way. And worldwide, legislatures have a VERY difficult time taxing the rich. Sure we could just print the money, but to control the money supply we would have to .... tax the rich. The common problem here is taxing the rich and the corporations they own.
Its simple.
Gov issues bonds which are basicallt IOU's with a % interest incentive.
Anyone can buy them. However, to speed up the process, they sell them all, almost by default, to the federal reserve.
The federal reserve then acts as a private instutution and balance sheet for the gov borrowing.
Fed reserve is private. But because it is imvolved in gov finaces, its leadership is government appointed.
Thus, the gov owes the private entity of the fed reserve ( as well as individual bond holders and foreign countries), the bond money issued.
So gov does not EXACTLY print. It just has its own feedback loop of buyer for their bond.
So it looks like printing and borrowing from itself.
Its a trick really
Well technically bankers buy bonds, the bankers then sell them to the FED for a check, the banks cash the check and viola money is born. We then get taxed by the IRS, that money goes to the Treasury to pay the interest on the loans to the FED that the bankers sold to them for the check they printed money with.
But that's only a small part of currency. The big bucks are in bank loans from people's bank accounts.
You have X amount of dollars deposited into your account, the bank guarantees that they're good for it with a note and they take YOUR money and invest it or loan it to whom they want. Effectively duplicating money in real time.
"Its a trick really" Scam might be a more appropriate word here. :)
@@Atarius more detailed. but yes. we agree
@@paulbailey4320 100%
Alan Greenspan was a former Randian and supporter of the gold standard. He wrote some great papers in the 70s and then completely sold out to become a central banker.
More people should listen to Peter Schiff.
How many Nations Blackmailed with thef Dollars.
😂😂😂😂😂
The government prints money... READ the book
IT CAME FROM JEKYLL ISLAND
😂😂😂😂😂
Good on Jimmy for asking economic experts (or at least people who study it) from all along the political spectrum.
I love how it confronts everyone who follows Jimmy.
It really shows that the only thing everyone can agree on, is that neoliberalism has failed us and that Biden isn't the guy to save us.
Jimmy as far as I know Alan Greenspan had his PhD in economics from Columbia. His father had a PhD from Columbia and had written a book that predicted the 1929 depression
The US dollar is backed by muscle. If the US is perceived as being weak, the dollar goes down, and money printing won't work anymore. Look back and see what happened when deGaulle tried to get his gold reserves from the US.
What did he do besides make French former African countries use French currency 🤔🤔🤔🤔
@@wayneblack4085 He realized that the US was printing money despite being based on gold.
@@truthdisseminator so what happened? 🤔🤔🤔
Muscle? As in not winning a single war this century? Lol
@@pookiewookie7679 "Perceotion" of muscle. Don't deny that the US can do a lot of damage. But that ability is progressively getting diminished, mostly because of the overapplication of the power, sanctions, etc.
Bernstein is about as lucid as his boss. Ever heard of Weimar Germany? Zimbabwe?
I think the Zimbabwe 100 trillion dollar bill is impressive. You can buy them on-line at $6 USD now. It’s worth a lot less since the Z$ dropped ten zeros in 2006 and another 12 zeros in 2009. At least everyone gets to be a quadrillionnaire.
Not Mel Brooks - Chevy Chase character posing as an airplane mechanic. "It's all ball-bearings these days"
Too bad we can’t print housing, education, healthcare, or anything else we actually need.