Biden's economic adviser Jared Bernstein can't explain how money works

Jared Bernstein, Joe Biden's Chief Economist, faced difficulties explaining money's workings in a documentary or 'Finding The Money,' despite his role.
He stumbled through concepts, highlighting the confusion around government money printing and borrowing
Bernstein, who is head of the US Council of Economic Advisers, is not formally trained in economics and appeared bewildered in the clip

8 comments

Almost like most of modern economics is bullshit
- Seems like you missed that the US is a kakistocracy.
money isn't real ever since they stopped backing the US dollar with gold.
- Lmfao didn't think I'd see this bullshit on Lemmy. This should be fun.
  
  What's gold backed by or priced by? Because it sure as hell doesn't just have an intrinsic and constant value.
  
  Because it sure as hell doesn't just have an intrinsic and constant value.
  
  hahahaha, gold is literally intrinsic. value does go up and down, but its intristic. heres just one page where you're able to educate yourself: https://www.federalreserve.gov/Boarddocs/speeches/2002/200201163/default.htm

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