Watch: Biden's Head Of Economic Advisors Try To Explain Government Borrowing

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by Tyler Durden
Friday, May 03, 2024 - 07:25 PM

Authored by Mike Shedlock via,

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.

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