Weak dollar does NOT equal weak country.
What???? Show your work on that. You can't just do a drive by.aggiebrad94 said:
Weak dollar does NOT equal weak country.
no need to show work. saw it on CNN, the most trusted name in news; not some disinformation site that said something different.AgNav93 said:What???? Show your work on that. You can't just do a drive by.aggiebrad94 said:
Weak dollar does NOT equal weak country.
Gigem_94 said:
I'm no economist, but I'm guessing the Reserve Currency status of the dollar is about the only thing keeping our crushing debt from collapsing our entire system similar to how the Soviet Union imploded because of its debt decades ago.
Quote:
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 Eighties Jared was a mainstay on the jazz scene in NYC.
He also earned a Master of Social Work from Hunter College as well as a DSW in social welfare from Columbia University's school of social work.
Metaphorically spot on. These people are driving our county into the ground.Detmersdislocatedshoulder said:
this guy has to be related to the ship captain of the exon valdeez.
FTAG 2000 said:
He's incompetent. The people running the show (the real people, not Biden) want to destroy the dollar.
They found a hatchet man.
This doesn't happen without expansion of money supply.Heineken-Ashi said:
And he's flat out wrong.
We haven't had substantial printed money in a long time. The Money Printing Myth & The Raid On Our Bank Accounts by Daniel AmermanQuote:
The objective facts are that the Fed bought $3.7 trillion in new assets by taking out $3.7 trillion in new debts. The Fed borrows the money to spend the money. Any beliefs that state otherwise, are opinions that are not based on the facts.
I hear you, but you are still not understanding that the money wasn't created out of thin air in the traditional "printing money" case. It was taken from bank accounts, and then loaned back out to banks.fixer said:This doesn't happen without expansion of money supply.Heineken-Ashi said:
And he's flat out wrong.
We haven't had substantial printed money in a long time. The Money Printing Myth & The Raid On Our Bank Accounts by Daniel AmermanQuote:
The objective facts are that the Fed bought $3.7 trillion in new assets by taking out $3.7 trillion in new debts. The Fed borrows the money to spend the money. Any beliefs that state otherwise, are opinions that are not based on the facts.
The Fed loaned the treasury $3.7 T because the Treasury asked for it to pay for spending.
The treasury is short on funds from taxes. This is why it is borrowing. Thus the deficit. And for all this to work an expansion of money supply must occur. Thus it is technically printing money. But instead of actual paper money being created, it is a ledger that the Fed has showing a debit and a credit.
Of course there isn't a paper currency printing operation going on. But it is still very much a function and process that yields the same result--devaluation of currency due to debts and how we pay for them.
This whole system works because 1) the power of the state to tax 2) faith in the currency.
It isn't the case that MMT is expected to take shape as a driving force in our financial system--it already is the driving force and has been since the USD was de-pegged from Gold about 50 years ago.
Ghost Mech said:
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.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:
Let me make it simple:
US Government issues a ****coin out of thin air called US treasury bond which it uses to borrow dollars from The Fed.
The Fed issues a ****coin out of thin air called the US dollar to buy US treasury bonds.
Since both of these ****coins are issued out of thin air (meaning: without performing any productive work) and both can be used to acquire the fruits of productive work (aka real wealth), this ****coin scam is used to steal the real wealth of dollar savers worldwide.
Saving in #Bitcoin is the only way you can avoid having your real wealth stolen by these ****coin scam artists.
Let me make it simple:
— Robert ₿reedlove (@Breedlove22) May 3, 2024
US Government issues a shitcoin out of thin air called US treasury bond which it uses to borrow dollars from The Fed.
The Fed issues a shitcoin out of thin air called the US dollar to buy US treasury bonds.
Since both of these shitcoins are issued out of…
schmellba99 said:
1. WTF is a phd in social welfare? Why does this crap even exist?
2. Why is somebody that has a degree in a useless made up subject in charge of economic policy?
Might as well let a labrador make decisions, they will be better.
You don't say.Ghost Mech said:…,,Quote:
…,,,,,…..
Mr. Bernstein holds a Ph.D. in social welfare from Columbia University.
….,,,,
"The money supply expanded"Heineken-Ashi said:I hear you, but you are still not understanding that the money wasn't created out of thin air in the traditional "printing money" case. It was taken from bank accounts, and then loaned back out to banks.fixer said:This doesn't happen without expansion of money supply.Heineken-Ashi said:
And he's flat out wrong.
We haven't had substantial printed money in a long time. The Money Printing Myth & The Raid On Our Bank Accounts by Daniel AmermanQuote:
The objective facts are that the Fed bought $3.7 trillion in new assets by taking out $3.7 trillion in new debts. The Fed borrows the money to spend the money. Any beliefs that state otherwise, are opinions that are not based on the facts.
The Fed loaned the treasury $3.7 T because the Treasury asked for it to pay for spending.
The treasury is short on funds from taxes. This is why it is borrowing. Thus the deficit. And for all this to work an expansion of money supply must occur. Thus it is technically printing money. But instead of actual paper money being created, it is a ledger that the Fed has showing a debit and a credit.
Of course there isn't a paper currency printing operation going on. But it is still very much a function and process that yields the same result--devaluation of currency due to debts and how we pay for them.
This whole system works because 1) the power of the state to tax 2) faith in the currency.
It isn't the case that MMT is expected to take shape as a driving force in our financial system--it already is the driving force and has been since the USD was de-pegged from Gold about 50 years ago.
In the traditional case, the FED declares $100 of new money buying treasuries. The new "assets" show up on their balance sheet in the amount of $100. The Fed then loans $900 to banks. Banks get $900 and loan out $8,100, effectively $10k of new money.
In 2008, the FED took $100 in deposits from the bank. This wasn't new money. It was the people's already existing money. It then loaned out $900 back to the banks who loaned out $8,100. Who was borrowing between 2008 and 2011? Was it the middle class guy whose deposit was taken without him knowing? No. His savings account was lower and his retirement portfolios had tanked. It took him 5+ years on an inflation adjusted basis to get back to where he was in 2007. The people who accepted the bank loans were the wealthy, who leveraged it to increase their wealth and "beat out" the destruction of the money the FED took from them. Hence why all the angst about the haves and have nots today and the growing wealth gap, despite people not knowing how or why it happened.
But make no mistake, this money wasn't "printed". It wasn't a treasury issued security that the FED bought. It was the taxpayers existing cash and savings. The FED "borrowed" from the middle class to kick the can down the road. The money supply expanded, but only to the benefit of the banks and wealthy. To the middle class, their access to money shrank and their wealth decreased and continued to decrease at 2% per year until 2020. And it is decreasing harder today with higher inflation.
oh no said:bobbranco said:
Bernstein is the perfect goalie for all failed Democrat economic policies.
The dollar has gone up in the same period inflation has.richardag said:"The money supply expanded"Heineken-Ashi said:I hear you, but you are still not understanding that the money wasn't created out of thin air in the traditional "printing money" case. It was taken from bank accounts, and then loaned back out to banks.fixer said:This doesn't happen without expansion of money supply.Heineken-Ashi said:
And he's flat out wrong.
We haven't had substantial printed money in a long time. The Money Printing Myth & The Raid On Our Bank Accounts by Daniel AmermanQuote:
The objective facts are that the Fed bought $3.7 trillion in new assets by taking out $3.7 trillion in new debts. The Fed borrows the money to spend the money. Any beliefs that state otherwise, are opinions that are not based on the facts.
The Fed loaned the treasury $3.7 T because the Treasury asked for it to pay for spending.
The treasury is short on funds from taxes. This is why it is borrowing. Thus the deficit. And for all this to work an expansion of money supply must occur. Thus it is technically printing money. But instead of actual paper money being created, it is a ledger that the Fed has showing a debit and a credit.
Of course there isn't a paper currency printing operation going on. But it is still very much a function and process that yields the same result--devaluation of currency due to debts and how we pay for them.
This whole system works because 1) the power of the state to tax 2) faith in the currency.
It isn't the case that MMT is expected to take shape as a driving force in our financial system--it already is the driving force and has been since the USD was de-pegged from Gold about 50 years ago.
In the traditional case, the FED declares $100 of new money buying treasuries. The new "assets" show up on their balance sheet in the amount of $100. The Fed then loans $900 to banks. Banks get $900 and loan out $8,100, effectively $10k of new money.
In 2008, the FED took $100 in deposits from the bank. This wasn't new money. It was the people's already existing money. It then loaned out $900 back to the banks who loaned out $8,100. Who was borrowing between 2008 and 2011? Was it the middle class guy whose deposit was taken without him knowing? No. His savings account was lower and his retirement portfolios had tanked. It took him 5+ years on an inflation adjusted basis to get back to where he was in 2007. The people who accepted the bank loans were the wealthy, who leveraged it to increase their wealth and "beat out" the destruction of the money the FED took from them. Hence why all the angst about the haves and have nots today and the growing wealth gap, despite people not knowing how or why it happened.
But make no mistake, this money wasn't "printed". It wasn't a treasury issued security that the FED bought. It was the taxpayers existing cash and savings. The FED "borrowed" from the middle class to kick the can down the road. The money supply expanded, but only to the benefit of the banks and wealthy. To the middle class, their access to money shrank and their wealth decreased and continued to decrease at 2% per year until 2020. And it is decreasing harder today with higher inflation.
This is the crux of the problem. We are not experiencing inflation, we are experiencing the devaluation of the dollar.
And we have 30 million illegals leeching off of us.fixer said:This doesn't happen without expansion of money supply.Heineken-Ashi said:
And he's flat out wrong.
We haven't had substantial printed money in a long time. The Money Printing Myth & The Raid On Our Bank Accounts by Daniel AmermanQuote:
The objective facts are that the Fed bought $3.7 trillion in new assets by taking out $3.7 trillion in new debts. The Fed borrows the money to spend the money. Any beliefs that state otherwise, are opinions that are not based on the facts.
The Fed loaned the treasury $3.7 T because the Treasury asked for it to pay for spending.
The treasury is short on funds from taxes. This is why it is borrowing. Thus the deficit. And for all this to work an expansion of money supply must occur. Thus it is technically printing money. But instead of actual paper money being created, it is a ledger that the Fed has showing a debit and a credit.
Of course there isn't a paper currency printing operation going on. But it is still very much a function and process that yields the same result--devaluation of currency due to debts and how we pay for them.
This whole system works because 1) the power of the state to tax 2) faith in the currency.
It isn't the case that MMT is expected to take shape as a driving force in our financial system--it already is the driving force and has been since the USD was de-pegged from Gold about 50 years ago.
"weak" and "strong" are just relative terms and are a temporary status in a free market.AgNav93 said:What???? Show your work on that. You can't just do a drive by.aggiebrad94 said:
Weak dollar does NOT equal weak country.
bmks270 said:Quote:
Mr. Bernstein holds a Ph.D. in social welfare from Columbia University.
This is truly frightening.
These Ivy grads learn nothing, gain no useful experience, become marxists, then weasel their way into influential position.
Gone up in relation to what, seems the dollar buys significantly less in the supermarket, housing market, insurance, energy markets, etcetera, etcetera, etcetera.Heineken-Ashi said:The dollar has gone up in the same period inflation has.richardag said:"The money supply expanded"Heineken-Ashi said:I hear you, but you are still not understanding that the money wasn't created out of thin air in the traditional "printing money" case. It was taken from bank accounts, and then loaned back out to banks.fixer said:This doesn't happen without expansion of money supply.Heineken-Ashi said:
And he's flat out wrong.
We haven't had substantial printed money in a long time. The Money Printing Myth & The Raid On Our Bank Accounts by Daniel AmermanQuote:
The objective facts are that the Fed bought $3.7 trillion in new assets by taking out $3.7 trillion in new debts. The Fed borrows the money to spend the money. Any beliefs that state otherwise, are opinions that are not based on the facts.
The Fed loaned the treasury $3.7 T because the Treasury asked for it to pay for spending.
The treasury is short on funds from taxes. This is why it is borrowing. Thus the deficit. And for all this to work an expansion of money supply must occur. Thus it is technically printing money. But instead of actual paper money being created, it is a ledger that the Fed has showing a debit and a credit.
Of course there isn't a paper currency printing operation going on. But it is still very much a function and process that yields the same result--devaluation of currency due to debts and how we pay for them.
This whole system works because 1) the power of the state to tax 2) faith in the currency.
It isn't the case that MMT is expected to take shape as a driving force in our financial system--it already is the driving force and has been since the USD was de-pegged from Gold about 50 years ago.
In the traditional case, the FED declares $100 of new money buying treasuries. The new "assets" show up on their balance sheet in the amount of $100. The Fed then loans $900 to banks. Banks get $900 and loan out $8,100, effectively $10k of new money.
In 2008, the FED took $100 in deposits from the bank. This wasn't new money. It was the people's already existing money. It then loaned out $900 back to the banks who loaned out $8,100. Who was borrowing between 2008 and 2011? Was it the middle class guy whose deposit was taken without him knowing? No. His savings account was lower and his retirement portfolios had tanked. It took him 5+ years on an inflation adjusted basis to get back to where he was in 2007. The people who accepted the bank loans were the wealthy, who leveraged it to increase their wealth and "beat out" the destruction of the money the FED took from them. Hence why all the angst about the haves and have nots today and the growing wealth gap, despite people not knowing how or why it happened.
But make no mistake, this money wasn't "printed". It wasn't a treasury issued security that the FED bought. It was the taxpayers existing cash and savings. The FED "borrowed" from the middle class to kick the can down the road. The money supply expanded, but only to the benefit of the banks and wealthy. To the middle class, their access to money shrank and their wealth decreased and continued to decrease at 2% per year until 2020. And it is decreasing harder today with higher inflation.
This is the crux of the problem. We are not experiencing inflation, we are experiencing the devaluation of the dollar.
richardag said:Gone up in relation to what, seems the dollar buys significantly less in the supermarket, housing market, insurance, energy markets, etcetera, etcetera, etcetera.Heineken-Ashi said:The dollar has gone up in the same period inflation has.richardag said:"The money supply expanded"Heineken-Ashi said:I hear you, but you are still not understanding that the money wasn't created out of thin air in the traditional "printing money" case. It was taken from bank accounts, and then loaned back out to banks.fixer said:This doesn't happen without expansion of money supply.Heineken-Ashi said:
And he's flat out wrong.
We haven't had substantial printed money in a long time. The Money Printing Myth & The Raid On Our Bank Accounts by Daniel AmermanQuote:
The objective facts are that the Fed bought $3.7 trillion in new assets by taking out $3.7 trillion in new debts. The Fed borrows the money to spend the money. Any beliefs that state otherwise, are opinions that are not based on the facts.
The Fed loaned the treasury $3.7 T because the Treasury asked for it to pay for spending.
The treasury is short on funds from taxes. This is why it is borrowing. Thus the deficit. And for all this to work an expansion of money supply must occur. Thus it is technically printing money. But instead of actual paper money being created, it is a ledger that the Fed has showing a debit and a credit.
Of course there isn't a paper currency printing operation going on. But it is still very much a function and process that yields the same result--devaluation of currency due to debts and how we pay for them.
This whole system works because 1) the power of the state to tax 2) faith in the currency.
It isn't the case that MMT is expected to take shape as a driving force in our financial system--it already is the driving force and has been since the USD was de-pegged from Gold about 50 years ago.
In the traditional case, the FED declares $100 of new money buying treasuries. The new "assets" show up on their balance sheet in the amount of $100. The Fed then loans $900 to banks. Banks get $900 and loan out $8,100, effectively $10k of new money.
In 2008, the FED took $100 in deposits from the bank. This wasn't new money. It was the people's already existing money. It then loaned out $900 back to the banks who loaned out $8,100. Who was borrowing between 2008 and 2011? Was it the middle class guy whose deposit was taken without him knowing? No. His savings account was lower and his retirement portfolios had tanked. It took him 5+ years on an inflation adjusted basis to get back to where he was in 2007. The people who accepted the bank loans were the wealthy, who leveraged it to increase their wealth and "beat out" the destruction of the money the FED took from them. Hence why all the angst about the haves and have nots today and the growing wealth gap, despite people not knowing how or why it happened.
But make no mistake, this money wasn't "printed". It wasn't a treasury issued security that the FED bought. It was the taxpayers existing cash and savings. The FED "borrowed" from the middle class to kick the can down the road. The money supply expanded, but only to the benefit of the banks and wealthy. To the middle class, their access to money shrank and their wealth decreased and continued to decrease at 2% per year until 2020. And it is decreasing harder today with higher inflation.
This is the crux of the problem. We are not experiencing inflation, we are experiencing the devaluation of the dollar.
edit spelling
I understand your point regarding the value of the dollar internationally. The point is anyone living in the U.S. the dollar buys less in the daily lives of families. In some cases a lot less.Heineken-Ashi said:Correct. We've had both a relatively strong dollar, thanks to all other currencies being weaker, AND inflation. Your comment that "we don't have inflation, we have a falling dollar" was not accurate. At least not yet in the grand scheme of things. I do think inflation will rise and the dollar will fall at some point. But I don't think we're there yet.richardag said:Gone up in relation to what, seems the dollar buys significantly less in the supermarket, housing market, insurance, energy markets, etcetera, etcetera, etcetera.Heineken-Ashi said:The dollar has gone up in the same period inflation has.richardag said:"The money supply expanded"Heineken-Ashi said:I hear you, but you are still not understanding that the money wasn't created out of thin air in the traditional "printing money" case. It was taken from bank accounts, and then loaned back out to banks.fixer said:This doesn't happen without expansion of money supply.Heineken-Ashi said:
And he's flat out wrong.
We haven't had substantial printed money in a long time. The Money Printing Myth & The Raid On Our Bank Accounts by Daniel AmermanQuote:
The objective facts are that the Fed bought $3.7 trillion in new assets by taking out $3.7 trillion in new debts. The Fed borrows the money to spend the money. Any beliefs that state otherwise, are opinions that are not based on the facts.
The Fed loaned the treasury $3.7 T because the Treasury asked for it to pay for spending.
The treasury is short on funds from taxes. This is why it is borrowing. Thus the deficit. And for all this to work an expansion of money supply must occur. Thus it is technically printing money. But instead of actual paper money being created, it is a ledger that the Fed has showing a debit and a credit.
Of course there isn't a paper currency printing operation going on. But it is still very much a function and process that yields the same result--devaluation of currency due to debts and how we pay for them.
This whole system works because 1) the power of the state to tax 2) faith in the currency.
It isn't the case that MMT is expected to take shape as a driving force in our financial system--it already is the driving force and has been since the USD was de-pegged from Gold about 50 years ago.
In the traditional case, the FED declares $100 of new money buying treasuries. The new "assets" show up on their balance sheet in the amount of $100. The Fed then loans $900 to banks. Banks get $900 and loan out $8,100, effectively $10k of new money.
In 2008, the FED took $100 in deposits from the bank. This wasn't new money. It was the people's already existing money. It then loaned out $900 back to the banks who loaned out $8,100. Who was borrowing between 2008 and 2011? Was it the middle class guy whose deposit was taken without him knowing? No. His savings account was lower and his retirement portfolios had tanked. It took him 5+ years on an inflation adjusted basis to get back to where he was in 2007. The people who accepted the bank loans were the wealthy, who leveraged it to increase their wealth and "beat out" the destruction of the money the FED took from them. Hence why all the angst about the haves and have nots today and the growing wealth gap, despite people not knowing how or why it happened.
But make no mistake, this money wasn't "printed". It wasn't a treasury issued security that the FED bought. It was the taxpayers existing cash and savings. The FED "borrowed" from the middle class to kick the can down the road. The money supply expanded, but only to the benefit of the banks and wealthy. To the middle class, their access to money shrank and their wealth decreased and continued to decrease at 2% per year until 2020. And it is decreasing harder today with higher inflation.
This is the crux of the problem. We are not experiencing inflation, we are experiencing the devaluation of the dollar.
edit spelling