Authored by Mike Shedlock via mishtalk.com,
Jared Bernstein was asked about Modern Monetary Theory (MMT)...
MMT says government is different. It owes the money to itself and the debt can be canceled at will. In MMT theory, a benevolent government would spend the money wisely, cancel all the debt or pay interest to itself, and everyone will essentially live happily ever after.
The notion is really amusing. But it was more amusing watching Bernstein try to address a question on it.
CLIP: We hear a lot about the national debt.
— FINDING THE MONEY Film (@FindingMoneyDoc)
But do currency-issuing governments really ‘borrow' their own currencies?
The answer might surprise you.
Watch FINDING THE MONEY documentary, In Theaters and On Demand TOMORROW May 3: https://t.co/H1e5fEuV7t pic.twitter.com/MA3AGIcCXi
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For those shocked by how "clueless" Bernstein is, this is just half the story, in a 2014 NYT oped titled “Dethrone 'King Dollar'” Bernstein stated: "the government needs to drop its commitment to maintaining the dollar's reserve-currency status."
— zerohedge (@zerohedge)
He is not clueless, he knows… https://t.co/kBfHKtvDeS
Finally the movie "Finding the Money" is not some appeal to fiscal conservatism: it is just the opposite: praise for Stephanie Kelton, the lead prophet of MMT, which is institutionalized socialism and money printing. She was socialist Bernie Sander's "economic advisor" for pete's… https://t.co/MRnUhZ4RFr
— zerohedge (@zerohedge)