G. Edward Griffin Explains Money Creation After Biden’s Chief Economist Is Baffled By How Money Works
Jared Bernstein is a longtime economic aide to President Biden and chairs the White House Council of Economic Advisers, said that the US cannot go bankrupt because we can print our own money. He failed to explain why the US government chooses to borrow money when it prints the money. He was completely baffled by the time he finished trying to explain it. He said, “I guess I’m just, I can’t really, I don’t get it. I don’t know what they’re talking about.”
G. Edward Griffin, author of the book, The Creature from Jekyll Island, A Second Look at the Federal Reserve was asked for his explanation. He replied as follows:
“The federal government and the taxpayers are the borrowers, while the Federal Reserve (the consortium of commercial banks that own and operate the Federal Reserve) creates the money that is loaned. The money does not exist prior to the loan. It is true that governments could create their own money and, thereby, avoid paying interest on it as they now do, but it also is true that those same governments, over time, have become subservient to the Federal Reserve, and it would be political suicide today for politicians to seriously try to cut the banks off of interest payments on money they do not even have. It’s a scam, of course, but devious enough that most people, including Mr. Bernstein and Mr. Biden, do not understand it – and it is so outrageous that, if they did understand it, they likely would not believe it.”
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https://youtu.be/1Fj0zRmEWYc
https://needtoknow.news/2024/05/g-edward-griffin-explains-money-creation-after-bidens-chief-economist-is-baffled-by-how-money-works/