Jared Bernstein, Chair of the Council of Economic Advisers, the main agency advising Biden on economic policy.
Take the time to watch the video. Its short.
bio -
For the TLDR summary.....
He's the lead man on killing the Reserve Currency status and has been advocating for it since at least 2014.
He wants to implement MMT now.
And if you watched the video, you'll realize he's a complete moron with not even a basic understanding of economics.
I always thought we'd be taken down financially by malice and subterfuge. Looks more and more like it's going to be plain old incompetence......
BTW I am praying that this is an AI deep fake. If not, we are truly ****ed.
Take the time to watch the video. Its short.
Oh good heavens.
— TF Metals Report (@TFMetals) May 3, 2024
Please just take 90 seconds to listen to this.
Bernstein is so clueless that he makes Stephanie Kelton seem rational.
Truly, the end of The Great Keynesian Experiment is upon us.
(h/t @TFL1728) https://t.co/E8FMHpuyrh
Quote:
Dethrone 'King Dollar'
By Jared Bernstein
- Aug. 27, 2014
THERE are few truisms about the world economy, but for decades, one has been the role of the United States dollar as the world's reserve currency. It's a core principle of American economic policy. After all, who wouldn't want their currency to be the one that foreign banks and governments want to hold in reserve?
But new research reveals that what was once a privilege is now a burden, undermining job growth, pumping up budget and trade deficits and inflating financial bubbles. To get the American economy on track, the government needs to drop its commitment to maintaining the dollar's reserve-currency status....
....Dethroning "king dollar" would be easier than people think. America could, for example, enforce rules to prevent other countries from accumulating too much of our currency. In fact, others do just that precisely to avoid exporting jobs. The most recent example is Japan's intervention to hold down the value of the yen when central banks in Asia and Latin America started buying Japanese debt.
Of course, if fewer people demanded dollars, interest rates i.e., what America would pay people to hold its debt might rise, especially if stronger domestic manufacturers demanded more investment. But there's no clear empirical, negative relationship between interest rates and trade deficits, and in the long run, as Mr. Pettis observes, "Countries with balanced trade or trade surpluses tend to enjoy lower interest rates on average than countries with large current account deficits, which are handicapped by slower growth and higher debt."
Others worry that higher import prices would increase inflation. But consider the results when we "pay" to keep price growth so low through artificially cheap exports and large trade deficits: weakened manufacturing, wage stagnation (even with low inflation) and deficits and bubbles to offset the imbalanced trade.
But while more balanced trade might raise prices, there's no reason it should persistently increase the inflation rate. We might settle into a norm of 2 to 3 percent inflation, versus the current 1 to 2 percent. But that's a price worth paying for more and higher-quality jobs, more stable recoveries and a revitalized manufacturing sector. The privilege of having the world's reserve currency is one America can no longer afford.
https://www.nytimes.com/2014/08/28/opinion/dethrone-king-dollar.html
bio -
Quote:
https://www.whitehouse.gov/cea/#:~:text=Under%20President%20Biden%2C%20Jared%20Bernstein,our%20nation%20builds%20back%20better.
Under President Biden, Jared Bernstein serves as Chair and Heather Boushey and Kirabo Jackson serve as Members of the CEA. Together, they are helping steer America's economic recovery and ensure that our nation builds back better.
Quote:
Jared Bernstein joined the Center on Budget and Policy Priorities in May 2011 as a senior fellow. From 2009 to 2011, he was the chief economist and economic adviser to Vice President Joseph R. Biden Jr., executive director of the White House Task Force on the Middle Class, and a member of President Obama's economic team.
Prior to joining the Obama administration, Mr. Bernstein was a senior economist and the director of the Living Standards Program at the Economic Policy Institute in Washington. From 1995 to 1996, he was deputy chief economist at the Labor Department.
Mr. Bernstein holds a Ph.D. in social welfare from Columbia University.
https://archive.nytimes.com/www.nytimes.com/ref/business/economy/jared-bernstein-bio.html
For the TLDR summary.....
He's the lead man on killing the Reserve Currency status and has been advocating for it since at least 2014.
He wants to implement MMT now.
And if you watched the video, you'll realize he's a complete moron with not even a basic understanding of economics.
I always thought we'd be taken down financially by malice and subterfuge. Looks more and more like it's going to be plain old incompetence......
BTW I am praying that this is an AI deep fake. If not, we are truly ****ed.
