https://www.youtube.com/watch?v=1Fj0zRmEWYc&t=18sCan /biz/ do better?
>>58447931kek - saw this yesterday on Twitter. AM looking forward to seeing that film 'Finding the Money' it's lifted from
>>58447931At least he’s not Je-
>>58447931Here is a summary of what the Fed actually does:https://www.investopedia.com/ask/answers/082515/who-decides-when-print-money-us.asp>“You may wonder how the Fed pays for the bonds and other securities it buys," he says. "The Fed does not pay with paper money. Instead, the Fed pays the seller’s bank using newly created electronic funds and the bank adds those funds to the seller’s account.”
>>58447931It's easy, idiots.
A huge percentage of boomers genuinely have varying degrees of brain damage from lead poisoning since it was present in a lot of household items, including paint, when they were growing up. It took a while before scientists understood exactly how harmful exposure was to a humans cognitive function. Boomers like the guy in the OP were the ones who probably gnawed on a toy that was covered in leaded paint and made them extra special. When you view boomers actions and legacy through the lens of a retarded person, things suddenly start to make more sense
If I get it right, America and Europe have basically become Japan? That's the quantitative easing, right?
>>58448117It was in gasoline too
>>58448139Even Japan has inflation now
>>58448117Misses the point which is why is this guy in such an important position?Actually i suspect the answer is that he's just a bod who'll take the fall when the system goes tits up finally. The people making the decisions we'll never see. They don't want their faces shown. You'd think they could have at least picked someone who knew a bit about it. This guy reminds me of that thick Nasa astronaut Don Pettit ie not real
>>58447958seens like a low IQ movie. as if economists couldn't answer this question. the fed isn't part of the us government
>>58448139Sort of but very different too. The 3 currencies are headed for similar end results but the JPY got a big head start. When the Japanese economy got nuked in the early 90s they set interest rates to zero and kept it there for like 30 years in a desperate attempt to reboot the economy. Obviously it came back to bite them in the ass, but bureaucrats all over the world love to kick the can down the road and hope that the really serious economic problems don’t start coming to fruition until they’ve retired
>>58448152>as if economists couldn't answer this questionJared Bernstein (born December 26, 1955)[1] 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.[2] From 2009 to 2011, Bernstein was the chief economist and economic adviser to Vice President Joe Biden in the Obama Administration.https://en.wikipedia.org/wiki/Jared_Bernstein
>>58448149>why is this guy in such an important position?I'm not sure about the US but In Europe people who go into the public sector have a tendency to fail upwards because they make the right connections. A ton of the people leading various government departments in Europe have the mental capacity of a golden retriever. But you are probably right about him being chosen as a fall guy, and the lead-induced brain damage probably made him too retarded to realize it
>>58448165>Bernstein graduated with a bachelor's degree in music from the Manhattan School of Music where he studied double bass with Orin O'Brien.>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 worksorry that's not a real economist.
>>58447931>Can /biz/ do better?yes, stop listening to stupid boomers what barely knows what crypto is.Choose a token, avax, apu, ssnc, whatever even btc, buy when it gets low, sell when it gets high, be ready to lose money if you fail, that's a given, its a risk. now go.
I rather cut my balls with my than listening to almost dead boomers telling me what to do with my money
>>58448593nobody is telling you shit
>>58448085sounds like a lot of mumbo jumbo to me. But nothing good can come up from this...
>>58448586this dude sounds like a guy who knows his shit. you are no boomer are you?
>>58448586This man is absolutely BASED
Its actually a great documentary. Basically the premise of modern monetary theory is that {government deficit} = {private sector surplus}, as shown in pic related. So, the government deficit actually reflects everyone else's savings. Therefore deficits are not bad in a fiat based monetary system. Its a great theory with alot of truth to it, however it does not propose solutions that most people would find acceptable. The documentary identifies the real problem as capital inefficiency, and correctly identifies huge capital inefficiencies in areas like healthcare and finance, and it is correct that government should resolve those capital inefficiencies. However, it ignores that it was government that created these capital inefficiencies. It essentially calls for more government involvement in allocation of capital while ignoring the fact that government is absolutely incompetent in its capital allocation when compared to the private sector. Can the government do better at capital efficiency? Yes, in theory it can allocate capital more efficiently than the private sector. A philosopher king could run the most efficient government ever. Greek philosophers identified this fact ages ago. However they also recognized that ideal situation was unlikely to be obtained over much worse scenarios with a king, and therefore believed a democracy was preferable. And in democracies capital inefficiency is almost a forgone conclusion when you have government intervention.
I do think there are things to be learned from MMT, and to the extent that it focuses on capital inefficiencies I think it's helpful. Healthcare for example. If the united states healthcare system operated the same as japan it would be much more capital efficient. In japan the government meets periodically with representatives of the healthcare industry to negotiate fixed prices for every possible healthcare service that can be bought. So you need 3 stitches? The price is fixed at $23. You need 7 stitches? The price is fixed at $38. Then when you leave the doctors office with your stitches they submit the procedure that was performed to a government office and that office submits the $38 for your stitches to them. This eliminates an entire industry of middlemen (the insurance industry) that we have in the united states. This is a much kore capital efficient system. It frees up wasted capital on an industry that adds nothing productive to the economy. Those insurance industry employees' labor is now freed up for more productive purposes like engineering, food production, whatever. However this system, while better than ours, still creates all sorts of other problems, like maybe now the government doesn't pay enough for stitches anymore for doctors to be incentivized to do stitches and they no doctor wants to do them because staples pay more, even though they are not always more desirable in every case. If all of this was left 100% to the private sector the efficiency would be even greater and there wouldn't be any problem with misallocations that are bound to occur when the government micromanages to that extent. MMT also doesn't solve the problem of what happens when all of the savings reflected by your deficit are owned by foreign entities instead of domestic. i.e. pic related. Now you domestic population has experienced a devaluation of their money with the value lost going overseas. Hence foreign populations increase their wealth at the expense of your dom. pop.
>>58447962Oy vey
>>58448772burning printer monies does NOTHING AH HAHAHAHAHAHA! burning tokens on the other hand....
>>58448623if 120iq greeks in a homogeneous society without modern technology and its problems couldnt make democracy work, why on earth would anyone advocate for it in todays 20X more fucked up world?
>>58448197He purports to be an economist. What's your point here? Are you defending him because he's not a 'real' economist? He shouldn't be in that position. Maybe you think he should? Maybe it's fine for the chair of the United States Council of Economic Advisers to not have a clue about economics, because he's not a 'real economist'? Stop being so autistic ffs
>>58448623>>58448650I'm not reading all that just to hear some drivel about Mickey Mouse Theory economics, which comes from a Harry Potter feminist lusting after giant omnipotent government cock and how its money printer would make her feel so secure. Bernie Sanders once again does not have my financial support.
>>58447931Can any of you good men of the stocks explain why, even without any formal training or current area of expertise, im able to outperform any of your gains with a simple shitcoin ($PAJAMAS) and some funny cats? really does beg some questions....
>>58450888because you're a fucking cat smoking a cigar, of course you're going to be ahead of everyone intellectually
>>58450888idk it always seemed unfair to me that a retard with a cat and a coin can make so much money
>>58450888bump cause cat
>>58450888you were just lucky faggot dont pretend you're a big shot
