Scary these people are in charge of a countries finances !

[CharlieH]

 

 

 

[brianthainess]

Not interested in anything American it's all rubbish.   

[Mike Lister]

Some useful background:

 

In February 2023, President Joe Biden nominated Bernstein to serve as Chair of the Council of Economic Advisers despite not having a formal background in economics.^[5] He was confirmed to be chair on June 13, 2023.^[6] He was ceremonially sworn in by Vice President Kamala Harris on July 10, 2023.^[7]

 

^{https://en.wikipedia.org/wiki/Jared_Bernstein}

[Foxx]

That video looks heavily edited to me, in an attempt to make Bernstein look foolish.

[Foxx]

1 hour ago, Mike Lister said:

Some useful background:

 

In February 2023, President Joe Biden nominated Bernstein to serve as Chair of the Council of Economic Advisers despite not having a formal background in economics.

 

From the same source:  
 

Quote

Jared Bernstein (born December 26, 1955) is an American economist who is the chair of the United States Council of Economic Advisers. He is a senior fellow at the Center on Budget and Policy Priorities. From 2009 to 2011, Bernstein was the chief economist and economic adviser to Vice President Joe Biden in the Obama Administration.

 

The "not having a formal background in economics" is simply an attempted slur.  So, not "some useful background" - just some useless slur.

[Mike Lister]

1 minute ago, Foxx said:

 

From the same source:  
 

 

The "not having a formal background in economics" is simply an attempted slur.  So, not "some useful background" - just some useless slur.

Then I don't know what the story is. I for one don't gave a horse in the this race, apart from trying to understand what the reality is.

[lkn]

He does look to fumble, but he also mentions MMT, which is Modern Monetary Policy, and a fringe theory, so it might be something in MMT he is asked to explain, that he does not follow.

 

Though his initial remark about governments not being able to go bankrupt because they print their own money is not how it works. The U.S. government borrows the money which are printed, that is why they have such huge debt, and they can default on paying interests (they came close a few years ago), which effectively would mean them going bankrupt.

 

They can’t print their way out of their debt, that is not how the system is set up.

 

 

[Fab5BKK]

Are we talking about the same person?

 

Bernstein stated he grew up in a "musical family" and aspired to be a professional musician as a young person.^[8] 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.^[9][10] At Columbia, his dissertation advisor was Irwin Garfinkel.^[11] He is of Jewish descent.^[12]

 

Jared Bernstein's Wikipedia

 

 

[cmjl]

It's not just the US,how many countries have people in power who really know their job and are doing it for the good of their subjects,it seems as though with power comes greed and then corruption

[Rimmer]

A inflammatory racist post has been removed also a reply

[lkn]

4 hours ago, lkn said:

They can’t print their way out of their debt, that is not how the system is set up.

 

Dug a little deeper… Bernstein knows full well how the current system works, but 6 years ago he opened up a dialog with proponents of MMT where he asked some questions about how their system would work in practice, e.g. how to “just raise taxes” to stop an overheating economy, etc.

 

It is now clear that the interview above is him being asked about how things work “under MMT”, a fringe theory he already has openly questioned, so of course he fumbles about why government even issues bonds when they can just print their own money, etc., as from his POV MMT is a half-baked theory.

 

I suggest reading his blog entry from 2018, that will put the interview in another perspective and show that he know full well how the U.S. monetary system works.

[Yellowtail]

6 hours ago, Foxx said:

 

From the same source:  
 

 

The "not having a formal background in economics" is simply an attempted slur.  So, not "some useful background" - just some useless slur.

No. As I understand it, at least in the US, a "formal" background would require one's background include a degree (preferably an advanced degree) in the discipline with which they are involved.

 

 

[Yellowtail]

2 minutes ago, Lee65 said:

Banking is the world's leading grift.  That includes private central banks.

 

 

Do f*k all and live off the interest payments.

 

Don't trade with them.