Posted on 05/07/2024 12:06:23 PM PDT by John Semmens
The unbroken string of economic disasters that is Bidenomics now has a solid explanation. Jared Bernstein, the Chairman of the President's Council of Economic Advisers doesn't understand economics. While being interviewed for the newly released documentary Finding the Money, he was unable to explain how the Federal Reserve creates money--something I taught to freshmen in macroeconomics classes for 23 years.
"The government definitely prints money, and it definitely lends that money by selling bonds," Bernstein guessed. "Is that what they do? They sell bonds, yeah, they sell bonds. Right? Since they sell bonds, and people buy the bonds and lend them the money. I guess I'm just, I can't really, I don't get it. I don't know what they're talking about. It's like the government clearly prints money; it does it all the time. And it clearly borrows. Otherwise we wouldn't be having this conversation."
Perhaps his confusion stems from the fact that he holds no degrees in economics. He has a bachelor's degree in fine arts from the Manhattan School of Music, a master's degree in social work from the Hunter School of Social Work, and a master's degree in philosophy and a Ph.D. in social welfare from Columbia University.
The fundamental flaw in Bidenomics is the notion that decrees can establish viable investments in new technologies. The problem is that physical realities cannot be so easily dispensed with. Consider the decree that wind-generated power should replace fuel-generated power. Wind is variable. Demand for power a lot less variable. Mandates to replace fuel-generated power with wind-generated power will result in blackouts when the wind isn't blowing hard enough. This is the reason why wind-powered ocean travel was replaced by fuel-powered travel.
Bernstein argued that "if we outlaw fuel-generated power wind-generated power will have to replace the outlawed methods. Consumers will have to adjust to the shifting availability of the power to drive their cars, heat and cool their homes, and run their appliances. Our ancestors had to put up with a lot more privations than the current generations have had to. We can adapt. We can travel less, sweat more, go to sleep when its dark, wake up when its light. In short, we could all lead more natural lives as the price we must pay for saving the planet from climate change. I don't need an economics degree to give President Biden this kind of advice."
If you missed any of the other Semi-News/Semi-Satire posts you can find them at...
https://www.gopbriefingroom.com/index.php/topic,531047.0.html
A music major as Xiden’s economic advisor. Perfect.
Really? Social worker? That’s news to me. Yet Bernstein appears on TV and gas lights with sheer audacity. No economic stat released by Biden is credible. None.
Really? Social worker? That’s news to me. Yet Bernstein appears on TV and gas lights with sheer audacity. No economic stat released by Biden is credible. None.
Biden has been surrounded by ignoramuses who only care about their political agenda, not what’s best for the country.
But then again he knows more about economics that Biden knows about governing as President.
What is the Arabella group?
Arabella Advisors is a Washington, D.C.-based for-profit consulting company that advises left-leaning donors and nonprofits about where to give money and serves as the hub of a politically liberal “dark money” network.
Think the democrats opt for the smart ones.
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