🚨 SHOCKING Video of the Top US Economic Advisor Reveals the Truth

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[@lenapetrova]

Join me on Substack - lenapetrova.substack.com/ & Rumble: rumble.com/c/LenaPetrova

[@mannyfragoza9652]

This has to be a lost scene from the Twilight Zone "We print money and we put ourselves in debt .. spooky music

[@Daniel12.4Ministry]

Can anyone say, RETARD? This is a representative of the American people!!! Time to get the hell out of America!!!

[@mmmjd-usa]

No Lena. Today, advisors are repeaters of narratives that have nothing whatsoever to do with knowledge. What you have done is put it in front of equally ignorant people a rather good example of what is going on and why we have the sheer chaos we are experiencing. _THIS IS WHY THE SMALLER THE GOVERNMENT, THE BETTER._

[@mydancinglife730]

Thank you , Lena, that was hilariously pathetic ! You nailed it, if he had answered honestly he would have revealed the scam. When the U.S. buys its own debt with printed money it is simply adding to inflation. This will soon lead to hyper-inflation. I studied economics back in the mid 1980's and challenged all my professors on the fiat monetary system, which they totally ignored (except one who told me during an office visit that I was correct that it was all a scam, I wish that I had discovered Michael Hudson back then, you should have him on for an interview, btw). Thanks again for all you do. Be well.

[@hidongcucuk4756]

It's called "Kapitalisma Kroni", a phrase well know outside the Rich West, where it's known by the acronym "MMT" .

[@mariuszkochanski6992]

Yes. Entire system is a scam

[@KittyKittyCat-vf8zd]

I knew this 20+ years ago. Now someone else is talking about it. Great!

[@hudsonwong7109]

It is not too much a scam until recent years for the over spending of these two presidents.

[@wethinkweknowitall]

If it wasn't that serious, it'll be a joke!

[@rajlowkie6616]

That SCAM has made the MOST WEALTHY people on earth 🌎 (("HONESTLY")).

[@rajlowkie6616]

Last year, the 🇺🇸 gave 61billion $ to indeed nations to support there food & drug shortage, (( 61billion $ )) .

[@MichaelClerk-xd6ft]

He is a total ignorant. Top economical advisor? What a joke this pitiful administration is!!

[@buttface9434]

hes not ignorant. hes lying.

[@user-ce6zp7pg1n]

Top economical advisor? what a joke? my fish seller can do a better job!

[@herberttan4169]

😂😂😂

[@steltoronto7553]

Agree 💯👍

[@karimroufaou3579]

😂😂

[@andrewtreloar7389]

You're kidding me! This guy is an economic advisor to a President! Holy cow, the US is in deep shit!

[@hizbawiginbarginbarghinda3872]

Lol!

[@Johnny-dp5mu]

Yep like does bears 💩 in the woods

[@uwiwithanuzi]

Sounds like our senile president has a top economic advisor who also suffers from dementia.

[@americancivicsinstitute8108]

he is a social worker and a musician. He does NOT have a degree in ECONOMICS.

[@andrewtreloar7389]

​@@americancivicsinstitute8108😮

[@randyc5650]

He is perfectly qualified to be in the Biden cabinet.

[@invisiblehands2780]

You Think is Biden Cabinet going to Suffer, you will find out, anything affects the Biden Cabinet affect the whole Country, open you brain

[@Jerry-hs9pp]

Having a country run by these people is beyond belief.

[@grimaffiliations3671]

MMT economists seem to be the only ones who understand monetary operations

[@gucci3541]

HOW stupid is the electorate ? is it literate? brainwashed? losers?

[@flatpicker5663]

Having two demented scumbags running for president is beyond belief too. I guess we can expect most anything.

[@ardentenquirer8573]

The perceived worth of a currency constitutes a cornerstone of its intrinsic value. It's the collective belief held by individuals and institutions that a currency possesses reliability and usefulness in facilitating transactions and safeguarding wealth. When this perception is strong, there's a heightened willingness among stakeholders to embrace and retain the currency. However, this perception is deeply intertwined with the economic health and fiscal robustness of the issuing country. Without sufficient revenue streams derived from taxation or tangible resources that the nation can leverage or sell, the currency loses its credibility and, consequently, its value. Essentially, the value of a currency is a reflection not only of trust but also of the underlying economic foundation upon which it rests. MMT is a scam I agree with you on this point ---- The USD is purposefully being devalued which is a scam also

[@dnimon936]

it's putins fault..........or trumps 100%

[@MrXapheth]

That was painful to see... we're screwed 😢

[@bruce5895]

no your not yet, read my comment

[@marcocarlson1693]

Well yes, surely of course. That was hysterically funny, because that's exactly what these people are actually. The media simply covers for them, because they are in the same political camp. It's All just over the top comedy now. So yes screwed, yes obviously.

[@palestinev3722]

I was cringing with embarrassment. Kudos to the interviewer. More like her please

[@owenbruce4120]

No not screwed unless you believe in leadership 😅

[@kennyjohnson2771]

We are beyond screwed. At this point, it would take JESUS to come back and bail the US out!!!

[@bigzed6195]

If USA can print money and resolve problems then why do they collect taxes?????? Instead of forcing people to pay taxes they can print money.

[@WildManDanWMD]

Taxes and ARMED IRS are about subjugation. Full stop.

[@fredmiller1358]

That'll never work!!!🤣🤣🤣

[@rangaiahpv5697]

That is to hide the printing.

[@desertfox12345]

Yes, exactly. I wish the interviewer had asked Bernstein bear this tax question.

[@tokotong2455]

They've already spent your lifetime tax dollars,your children's and half your grandchildren's lifetime tax.Theyve just been relying on US world reserve to extort,sanction other country's tax money too

[@garyrogers842]

I’m glad he cleared that up and now we know why he is in the position that he is. Same as our president they put someone there that doesn’t know a fucking thing🎉

[@apapahristodoulou]

That's the idea, so they can corrupt more and in the end helps wars around the world and not to mention the Genocide in Gaza. That's America my friend.

[@setiaradiator2304]

He is confused and doesn't know what he is talking about. This is the quality of the American politicians.🤣🤣🤣

[@RobShuttleworth]

I bet he's rich though.

[@herberttan4169]

😂😂😂

[@termyfl2677]

Good luck U$ 😂😂😂

[@mydancinglife730]

No, he just couldn't figure out how to explain it without exposing the scam that it is.

[@stevengoodkin]

​@@mydancinglife730 BINGO!

[@Frank-mc2ge]

He's almost as ignorant as Biden.

[@jayjudd6518]

Of course he is.

[@SafepathUS]

Yes. Honestly, he sounds a little unsure like Biden sometimes.

[@tomislavkobilarov5704]

Not ignorant because he himself doesn't understand whole thing 😡😡😂😄👍

[@wangjim5839]

The president cannot allow anyone in the office to be smarter than himself !!!

[@jasoncummings7052]

I wonder how he would explain the Barter system. Good thing she didn't ask. He might recommend it.

[@basque888]

Bernstein? im not even gonna google it, is it same as the Blinkens, Yellens, Nulands so on...?

[@americancivicsinstitute8108]

he is a social worker and a musician. He does NOT have a degree in ECONOMICS.

[@highschoolhockeyminnesota]

Yes, exact same EARLY LIFE

[@vampricitendency]

Every time it's (((them)))

[@l.j.r.8448]

Yes

[@petervallejo5603]

Let's Go Brandon!!!!

[@alexcaneco]

Great catch, congratulations... "Power tends to corrupt; absolute power corrupts absolutely.."

[@americancivicsinstitute8108]

he is a social worker and a musician. He does NOT have a degree in ECONOMICS.

[@twoheadlines]

A very, very good example reinforcing WHY the US is in deep, deep trouble.

[@Strop9911]

People voted for it, they got what they asked for

[@kaimingraymondchoi9909]

Can't agree more.

[@sola4393]

@@Strop9911 Unfortunately, the people aren't given many choice to begin with. The system is rigged. Vote or no vote.

[@eswaribalan164]

Most countries for sure, they take their people for idiots. Guess every country prints its own 'japanese notes'....

[@geoffreytoomey682]

What a difference three and a half years can make, look at what the Dems have achieved in the USA so far, and with 6 more months of open borders and Dems flying the new "American" folk into a state of their choice, maybe they will be your neighbours or your local gang Lord, supplying you with Drugs and human trafficking! Yes, historically Dems were big in the slave trade! How many millions of new Americans have you let into your country since the uncooperative Donald Trump refused to stop building the border wall to protect the USA from all your new American Dems? A realistic estimate is 22 Million New American Dems so far. Correct! With 6 months more should be able to achieve another 3 million, Nice, bringing the number to 25 Million. Gosh imagine what the USA will look like in another 4 years of the Dems open borders and flying them into a State of their choice, perhaps you can move out of your apartment so they have a place to live while using their $10k (top it up anytime) debit card, free phone no bill, of course, your apartment to live in, the USA will be a paradise for the new law-abiding American Democrats.

[@damienyuen7718]

Chinese no longer want US bonds. Yellen and Blinken went to China to beg them to keep buying those trash bonds and China said no. 😂

[@joshuakelleher-bw5dg]

The end is near

[@nanyanguo1]

at the same time China is billion by billion reducing its existing uS treasuries.

[@ganeshkumar-gt9wx]

Fortunately China is not selling US bonds. They simply allow the bonds to mature. Unfortunately the US needs to pay billions of dollars to China in coming years.

[@henrygustav7948]

@@ganeshkumar-gt9wx Unfortunately, some poor worker at the Federal reserve will need to stay up after hours to type in numbers into China's bank account.

[@loveblindhate9318]

@@ganeshkumar-gt9wx China is selling matured bonds but not buying any for a while now

[@bigmouth912]

End the Fed. Balanced Budget Amendment and the FairTax would SAVE America 🇺🇸

[@memcc8663]

In order for all of that to work, they'd have to give up their lobbyists and all of the perks and all of the Insider Trading. Not gonna happen as far as I can see unless Trump does it when he gets into office. If he did that IMMEDIATELY, we'd see who was actually working for us.

[@mafirearmsafety]

And go back to the Gold Standard!

[@claudeclarke3469]

Jared Bernstein is a music major! 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 '80s, Bernstein 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. He has 8x10 glossies of someone for sure!

[@andreheck9545]

He even has a degree!!! But the wrong. In politics this doesn't matter. In Germany you need a license to go fishing. But as foreign minister it is enough to have a taxi driver license of Frankfurt, if you are a USA partner.

[@rabuanmantine8522]

This is a good one Lena. It’s like watching a criminal trying to make up stories for the crime he did in a police interrogation room 😂

[@mydancinglife730]

exactly, and he can't do it...hilarious !

[@ardentenquirer8573]

The perceived worth of a currency constitutes a cornerstone of its intrinsic value. It's the collective belief held by individuals and institutions that a currency possesses reliability and usefulness in facilitating transactions and safeguarding wealth. When this perception is strong, there's a heightened willingness among stakeholders to embrace and retain the currency. However, this perception is deeply intertwined with the economic health and fiscal robustness of the issuing country. Without sufficient revenue streams derived from taxation or tangible resources that the nation can leverage or sell, the currency loses its credibility and, consequently, its value. Essentially, the value of a currency is a reflection not only of trust but also of the underlying economic foundation upon which it rests. MMT is a scam I agree with you on this point ---- The USD is purposefully being devalued which is a scam also

[@milesdavenport8823]

Well written. Agree 👍

[@user-eq8ui4ln4f]

LENA WHERE IS YOUR COUNTRY ARE YOU A PUTIN SUPPORTER

[@pjbburk.4208]

Oh my gosh, he is totally unqualified for his position and saying that is being very polite.

[@gucci3541]

yankee intelligence

[@dennisreed6345]

@@gucci3541 The USA is a kakistocracy a government of a state by it's most stupid ignorant least qualified and unprincipled citizens in power

[@dennisreed6345]

The USA is a kakistocracy a government of a state by it's most stupid ignorant least qualified and unprincipled citizens in power

[@fromhigherground4272]

Most of these positions are got via lobbying.

[@TimelyInspiration-qp7yi]

Explaining as it is will mean betraying his employer.

[@maxiewex1496]

I am so glad that you are much more clear in your expression of your ideas then he is.

[@manoelvieira2720]

Lena petrova noticias internacionis

[@rockymntdan1]

Here's another like question: Why are there taxes? Just print the money.

[@memcc8663]

[@simonschulz415]

Oh my lord it’s truly terrifying how completely incompetent this man truly is .

[@sola4393]

And I wonder how much this man is earning. 🤔What a nice job. He can't even answer such simple question.

[@Zerpentsa6598]

He said the government prints money and lends money. Then he changed it to the government prints money and borrows money. He said that the terms used are confusing (to the layman), then admitted that he didn't "get it".

[@celiajames600]

😂😂😂​@@Zerpentsa6598

[@dalewesp4653]

He does not want to say who really benefits from the printing of money. The govt. does not print money.The federal reserve prints the money and they are not of the govt.

[@matriximaster]

You don't understand Govt then. Our ENTIRE society is run by corrupt in competence. It always has been, it is just accelerating. The best and smartest are never promoted, just the most connected and those that are owed a favor. This is the number one sign of an end of civilization.

[@Hammer4999]

It isn't ignorance. He knows full well what is wrong and didn't have a prepared lie to make everything look ok.

[@kevinmccarthy155]

Exactly

[@bustjanzupan1074]

Maybe. Like Faucci ?

[@user-cn5ri5he4c]

No, dear, it really is total stupidity!

[@louise_rose]

Also, he doesn't want to explain what "printing money" really means in practical terms - it doesn't mean ramping up some big printing press, it means quantitative easing...and if you explain that, some people might understand that QE will drive inflation and hit back at the competitiveness of US industry.

[@Hammer4999]

@@user-cn5ri5he4c It may be considered stupid actions, but you're wrong if you think they don't know what they are doing.

[@JoseGarcia-ne1ip]

I only have two words to describe my feelings after watching this video. “My God…!!!”

[@americancivicsinstitute8108]

he is a social worker and a musician. He does NOT have a degree in ECONOMICS.

[@BrunoScopazzi]

Totally stumped by the question. Absolutely no idea.

[@7678936nick]

He looks like a stooge than an adviser, disgraceful. Resign.

[@yfelwulf]

Ah BERNSTEIN it's all in the NAME.

[@popocucu7749]

First of all he wasn't sure with his own answers hahahaha

[@bill4056]

he keeps saying may be😂😂😂, i dont know😂😂

[@pedros1]

Entire US government including Power, Yellen and Biden must be laid off!

[@eradicator187]

He represents the democratic party very well. 🤡🤡🤡🤡🤡🤡

[@gucci3541]

represents yankee ignorance

[@randygram9310]

Mike Johnson and Trump just signed off on another 100 billion of debt for wars and foreign countries. Americans really are SLOW ... to figure out what is going on. The UNIPARTY is simply too hard to comprehend, I guess. It was wonderful to see Democrats and Republicans working together and waving their little Ukraine flags in Congress..... 😉

[@normanquimpo1475]

Would there really be that much of s difference between Democrats and Republicans as far as the economy is concerned?

[@kennyjohnson2771]

Capitalism Voodoo Economics at its finest

[@ardentenquirer8573]

The perceived worth of a currency constitutes a cornerstone of its intrinsic value. It's the collective belief held by individuals and institutions that a currency possesses reliability and usefulness in facilitating transactions and safeguarding wealth. When this perception is strong, there's a heightened willingness among stakeholders to embrace and retain the currency. However, this perception is deeply intertwined with the economic health and fiscal robustness of the issuing country. Without sufficient revenue streams derived from taxation or tangible resources that the nation can leverage or sell, the currency loses its credibility and, consequently, its value. Essentially, the value of a currency is a reflection not only of trust but also of the underlying economic foundation upon which it rests.

[@lenscott5126]

The entire Washington DC Machine should be walking around with Pinocchio noses. They really do not appreciate how intelligent SOME of the public are! Most of the media is complicit.

[@annhenry6893]

Omg I'm so glad I found you!!!! Sharing like crazy! Thank you very very much for helping me explain this better to my snoozing friends and family.

[@ThePhilosogamer]

6:50 'Ponzi Scheme' might be the term you were looking for.

[@mikeb5372]

No, not really. The ponzi scheme is having entitlement programs that are insolvent and can only be payed out with borrowed and or printed money. Not quite the same thing but is the method for keeping the ponzi scheme going

[@americancivicsinstitute8108]

he is a social worker and a musician. He does NOT have a degree in ECONOMICS.

[@garywindrim5739]

Wow. that should scare the shit out of everyone!!

[@termyfl2677]

Only for Americans and those who hold U$ assets

[@termyfl2677]

And that's why now most people buy Gold and others matters to preserve wealth

[@andrewwickham4642]

Really… US voters apparently voted for Joe in 2020 and most of those will do again in 2024…. Voters generally get what they deserve and rarely use a spine when it come voting for the good of the count… Having these flakes in power is a voter problem…..

[@davidbartrand7231]

This guy is touting the party line. What isn't said is that selling bonds "sops" up a lot of the excess money printed. DEBT. Printing money is inflationary; the cause of inflation. Government is literally stealing from the People and benefits from inflation.

[@poppawhoppaoz2480]

IT HAS SCARED THE 💩 OUT OF EVERYONE ‼️

[@bigpig9562]

4:16 He said, 'I can't really talk...' and quickly changed his wording. He wanted to say I can't really talk ABOUT IT.

[@boomerang1125]

As an economics major in college, Econ 101 during the 1st week of class discusses the "law of supply and demand". This concept has been around since the mid 18th century. The intersection of those two forces determines 'value' or you could call it 'price'. When the supply increase, given a finite demand, the value plummets. This is also called inflation. Monetary theory, as defined by Milton Friedman, states that if you closely regulate the money supply, you keep inflation to a minimum. Match supply with demand and you hold a constant value (i.e.: price). When you are printing another trillion dollars every 100 day as we are (and merely increasing the national debt), you are going bankrupt. It's that simple. It's worked like that for centuries. The global monetary system has been pegged to US dollar since 1944. As the value of the dollar decreases, it's value becomes increasingly worthless. That's why foreign countries who are holding a lot of US currency (be it in bonds or cash) in their reserves are selling (i.e.: getting out of) US currency and into some that's more stable. Before the US dollar, everything was pegged to the British pound. After WWI and WWII, Great Britain's debt to GDP ration hit 2:1. The world abandoned the British pound towards the end of WWII and pegged everything to the US dollar. The US is currently at a debt to GDP ration of 1.35 to 1 and our debt is increasing by a trillion dollars every 100 days. That's why countries are looking at the BRICS countries as well as traditional commodities such as gold. The US dollar is being as worthless as the German Mark post WWI or the Confederate dollar after The Civil War.

[@yuduul7177]

1:45 ...AND if the US government can print money then WHY tax it's citizens?!!!

[@RussCR5187]

They don't need your money. They just don't want YOU to have it.

[@yuduul7177]

@@RussCR5187 You SHO RIGHT about that!!!

[@josephdewuhan]

The goal is to make the people poor so that they have total control over us.

[@michaelloong964]

good question. Bernstein can answer this simple question

[@nguyennghiathuong8889]

They print money to dominate, not to serve the American people

[@herminator250]

Wow... He sounded so puzzled... Can't believe we have such incompetent people in such important positions. Thanks for sharing!

[@yfelwulf]

Pay more attention there are hundreds of them. Ah BERNSTEIN it's all in the NAME.

[@rickyandersson5203]

He is Perfect for the deep state, a puppy they can make him rollower again and again.

[@petes6521]

Wow!!! Just wow!!! If that doesn't wake up the American people nothing will.

[@arthurshingler2025]

Heard this on the radio.... it a hoot! A SCARY hoot!

[@ralphrotten9030]

No one in this administration is qualified for the positions they hold. None. Zero. Zip. He looks to legitimately have no idea.

[@grimaffiliations3671]

90% of economists don't, thats the point of the doc

[@bungkusi2432]

Democracy Drunk captain Drunk crew

[@Number6_]

This guy is for real. He doesn't even know his own job. You know it is a friend and a hand shake is how he was employed.

[@LaJoBa1]

It's definitely a buddy system!

[@tonybenn1000]

That's just what Nikita Khrushchev said in the early 60s as he laughed and told us they "Russia" would be around to bury us stupid fools.

[@y.cschmidlin8172]

A freemason hand shake

[@TWLogik]

Just wanted someone who will say 'Jes' to everything but doesn't have a clue why. Not a coincidence, you literally have ex comedians as pres in Ukr and Arg.

[@tedcarter4258]

That was most revealing Thank you 🙏. Very uncomfortable

[@puti2147]

When a Wrong Committed needs to corrected People Who Committed the Wrong Forget How & Why the Wrong was Committed.

[@paulgdlmx]

It is hitting the fan. The incompetence, the total blindness for the future is beyond belief.

[@dennisreed6345]

The USA is a kakistocracy a government of a state by it's most stupid ignorant least qualified and unprincipled citizens in power

[@americancivicsinstitute8108]

he is a social worker and a musician. He does NOT have a degree in ECONOMICS.

[@user-vc4zm9hq2f]

Some advisor ! The old saying rings true, "If you can't dazzle them with your brilliance, Baffle them with B.S."

[@markkastius3452]

He wasn't even able to baffle

[@vincenzoroberti3169]

simple word...Shocking! how embarrassing from Bernstein and Biden' administration! Thanks so much for this video.

[@buddyjenkins6913]

This Administration scares the Hell out of me. They hire people based on their skin color, the perceived gender, being able to toe their political line and not on qualifications.

[@stevenwelp7165]

This clown court jester is in his position as he's comfortable lying shell games all day long.

[@edwardknutson8108]

Sounds like me in high school whenever the teacher would catch me daydreaming and would call on me to answer a question.

[@mervynsoo8353]

😂😂

[@ArifsMirza]

Shocked with his crazy explanation or rather NO explanation to the question asked … and he is holding such a high profile position… amazing

[@krzysztofzakrzewski5736]

The expression on that confused face - priceless

[@williamsklogo]

And these are the people in charge???? No wonder we are all doomed!!!

[@Zerpentsa6598]

And he's not even the worse.

[@magisterhpp]

Let the masses vote and this is what you get. The baby kissing mob in charge.

[@bigtruck3187]

These are the adults in the room😢

[@ndlsumr]

People in certain governmental positions, like Mr. Bernstein, aren't appointed for what they know; they're hired because of WHO they know or who owes them a favor. This is not unlike a President's son making $50,000 a month being a 'consultant' who has zero experience in the oil industry to a Ukrainian oil company.

[@grimaffiliations3671]

MMT economists seem to be the only ones who understand monetary operations

[@krishna-e-bera]

yep he shouldnt have agreed to be interviewed

[@marcocarlson1693]

Obviously.

[@larsnystrom6698]

Well, he was just the vice presidents sun at the time. But that Obama VP were holding Ukranes moneybag, and were doing stuff there which the US media seems to have forgotten, at the start of that debacle.

[@sola4393]

This reminds me of many fallen ancient empires that was full of people like these.

[@DamonCassidy]

Holy smokes this is unbelievable. I’m stunned

[@charlesvanderberg9528]

Elena Petrova....YOU ARE GOOOOD...from South Africa

[@davidlee9493]

If he's the guy advising the government on the economy, it's no wonder the economy is sinking.

[@judystoltz594]

Is this the guy telling the president that the economy is doing so wonderful ? It all makes sense now

[@tedsmith9215]

Yes, because he does not want to tell the truth. Better to play the fool than to spill the beans.

[@jamesfinlayson5021]

Exceptional incompetence.. Stunning.

[@ricardorc47]

the answer is a 2-fold: to keep the USD value artificially high, however the method is inflationary.

[@zmack1986]

America you are in good hands😂😂😂😂The world got a good laugh though😂😂😂😂

[@gucci3541]

they`re too STUPID to care. ignorance is cultivated in yankeeland

[@AoiKaze-xt6rk]

Indeed. And Americans are still chanting "Four More Years!"

[@wendellbrownbrown5968]

I think he did'nt want to reveal the ponzi sceam that we americans live under!

[@mark_2]

The entire world is actually backing up the value of the USD because it's the dominant global reserve and trade currency.

[@Roylamx]

Yean, that was revealed by G E Griffin in "The Creature From Jekyll Island" which was based on "Secrets of the Federal Reserve" by Eustace Mullins.

[@Queen731.]

I am glad I found this site. I like your content.

[@bernardbunny]

He'd better watch out when the USA is replaced as the World Reserve Currency.

[@kenbe62]

As someone else pointed out a while back when this video first surfaced. "He is an economist without an economics degree." NONE of his training and education and experience are geared towards the position he holds. That is why he couldn't answer. Another top candidate for an important position in Biden's clown car administration. Like our transportation leader, our DHS leader, our White House Press person. Energy leader, the list goes on and on. None of these folks would have their position in any real president's administration. They got there because a zombie sits in the Oval Office and others run the government ignoring him when they can.

[@grimaffiliations3671]

He is not alone in not knowing why the government borrows in a currency it issues itself. Economists from all sides fail when asked. Only MMT has the answer

[@kenbe62]

@@grimaffiliations3671 Long reply, sorry. Not an economist myself, but common-sense dictates that we have to give even the appearance of legit value to our currency. It is the BELIEF our currency has value that is keeping it alive. If we stopped the creation and sale of treasury bonds then what physical indicator of actual value does our currency have on the world stage? Ever since Nixon took us off the gold/silver standard and tied us to oil, the fed since then (my opinion) has been running the largest government sanctioned counterfeiting operation the world has ever seen. Like our politicians today assuming they can project power internationally like they once could before they weakened our military to the point of nearly joke status, our currency has been weakened by them to the point it is losing its power as well. The only thing really saving us is that the government has created a near welfare state internationally and those many nations getting our currency handed to them like a welfare check each month don't want the party to end. There is also a ton of US dollars that nations are holding for trade. Which nation with billions of US dollars in their banks want to see a run on their trade dollars? Same with those holding our treasury bonds. As far as BRICS goes, my biggest worry is that the BRICS nations are mostly producer nations whereas the IMF/Western side is becoming mostly a consumer member system. Not a solid foundation for any economy system.

[@user-uk7tk8oc9f]

Because we want the rest of the world, and US businesses as well, to send us their stuff for those dollars because they believe out dollars mean something and aren't a scam!!!! If we just print them willy nilly then we'll be laughed right out of the world economy. MMT seems to think everyone is too stupid to not believe in their scam. Turns out as this guy makes obvious​, they're the ones that are lacking in intelligence department@grimaffiliations3671

[@tapptom]

Music and social worker masters!!! JC these people are everywhere

[@grimaffiliations3671]

​@@kenbe62 The value of our currency is tied to more than belief, because you need to pay your tax obligation to the state in order to avoid jail. This is why the federal government makes us pay taxes at all. Not because they need our money, but because they need us to need the dollar. Taxes lose all value as soon as you pay them, because you're essentially returning the money back to its sender. Dollars originate with the government, so the very money we're using to pay the tax had to first be spent into the economy by the government. Just like a concert ticket goes from being worth 1000 bucks to worthless when you turn it in, your money goes from being worth the tax amount until you turn it in, at which point it becomes worthless and literally gets thrown into a shredder, just like the ticket. That isn't a joke by the way, if you pay by cash, your tax money is shredded. You can even buy shredded tax money in DC. With regard to bond sales, it isn't actually necessary. There is no functional difference between financing our deficits through bond sales or just by printing new money. Previously bond sales were necessary to control the overnight interest rate, if the fed didn't sell bonds, the overnight interest rate would fall to 0 as banks rushed to trade their excess reserves for interest bearing bonds. But in 2008, the fed switched to paying interest directly on reserves, so bond sales are now obsolete. Not selling bonds won't make our currency less valuable, if anything it would increase it's value as bonds become more scarce and our national debt starts to fall as a result of no longer borrowing

[@embun1945]

Thank you Elena Petrova for keep informing the Truths to Americans.

[@bustjanzupan1074]

Amen 🙂 And also 2 the Europeans.

[@dalie95327]

Nothing like having a boss like Biden who knows all the details and can pass it down. What a gem. All Biden needs to do now is buy more printing presses.

[@debrafshoemaker7071]

And HOW is Bernstein in that position?

[@highschoolhockeyminnesota]

n-e-p-o-t-i-s-m

[@stevenliew2507]

It is a Ponzi Scheme once he truly answered the question.😂

[@rap3208]

The answer to why do we borrow money when we can just print it is we have been doing it for so long we forgot why we even do things.

[@mikeb5372]

No, that's not quite it. Borrowing the money keeps the currency from run away hyper inflation. If the government simply printed currency it would destroy the currency in a matter of months.

[@rap3208]

@@mikeb5372 That is where the exorbitant privilege of the dollar comes in. They export the inflation to other countries by using it to buy their goods.

[@cb250nighthawk3]

We wear our clothes everyday like robots and never replenish the wardrobe and then one day we find out we've run out of clothes to wear and then everyone starts to call us the naked emperor. 😅

[@americancivicsinstitute8108]

he is a social worker and a musician. He does NOT have a degree in ECONOMICS.

[@jessiemartinfostersr.6067]

THE FEDERAL RESERVE IS NOT A BRANCH OF THE FEDERAL GOVT : SAME GOES FOR THE INTERNAL REVENUE ...

[@user-kg9rb5dc7w]

In a perfect world where there's not as corrupt, we would like to believe our Govt.

[@papayachalice75]

How did he land on his position? He’s not even good at lying.

[@JK-ks3xq]

obama pick!

[@vaska1999]

He has a doctorate in social work. None of his degrees is in economics.

[@JK-ks3xq]

@@vaska1999 ....sounds like a "community organizer" to me!

[@aaronlopez717]

may be for his last name ? may be !

[@ingridsanmiguel453]

@@JK-ks3xq😂😂I think the community organizer will be more credible. 🫣sad stay of affairs.

[@rocaverde2829]

The first thing he said was "some of this stuff is confusing" and the last thing he said was "I don't think there's anything confusing here". Well that certainly clears it up for me!

[@acatholicvoiceinthewilderness]

😂😂😂

[@caroledoerr6872]

A word that comes to mind is a "Ponzi Scheme."

[@jarichards99utube]

If - Bernstein wants to CRITIQUE MMT. He should FIRST UNDERSTAND 1-What it is... and 2-How It Works. Duh-ToThe MAX...!!! : ( "Don't Criticize What You Can't Understand..." - Bob Dylan

[@georgetsang5780]

"The greatest country in the world." Yeah. Right.

[@andreunz]

the greatest "culo" in the world Yeah, right

[@fsaldan1]

In no banana republic one would find a top government official as stupid as Mr. Bernstein. At 3:33 he even says the government LENDS the money it printed. Maybe it is a video created by AI to discredit Mr. Bernstein. Unfortunately that is highly unlikely. The reason the most powerful country in the world has an idiot like Mr. Bernstein as head of the Council of Economic Advisers will forever remain a mystery to me. I cannot think of any rational explanation.

[@yaoliang1580]

The greatest liar

[@ZingaraJoe]

It was once, from post Civil War to the roaring 50's and early 60's. Granted you have to over look the upholding of democracy in SE Asis while Okinawa [a justly earned war prize] was delivered to Japan without a vote of the citizens of that archipelago, oh and the overthrow of Mosaddegh in the 1953 Iranian coup d'état carried out by backing of the United Kingdom and the United States. History lessons 101, don't get in the way of our air bases or oil.

[@azleadam9239]

​@@yaoliang1580right and true, when the last time they or any politician around the world have been honest. Sick world we live in 😢

[@benkenobi292]

Speechless! This is the chair of the Council of Economic Advisors

[@mydancinglife730]

Clearly, he throws really good parties with lots of booze.

[@vaska1999]

​@@mydancinglife730😂

[@grimaffiliations3671]

most economists cant answer that question either

[@mddell24]

He should have been asked "What in this world, do you understand?". Bet he would have fumbled/stumbled on that as well.

[@hermanhelfrich1747]

I didn't know that Joe Biden had a twin brother!

[@robbyrogersberg1520]

So it chooses to borrow and pay high interest to the bankers rather than print cash

[@ronniepace8778]

For a moment I thought that interview was real-thank goodness it was just a Leslie Nielsen sketch.

[@jimfurr81]

The federal government borrows money from the Cartel called The Federal Reserve, a non-government cartel. The Federal reserve issues the money, that the Federal government prints, and the federal government borrows at interest. This cartel is a Private entity and has no ties to any government in the world. It is not elected or controlled by anyone except itself. So, the US Public, borrows this trash called the federal reserve note, (read it on your dollar), and then we pay this cartel so we can use it. This all started in 1913 when Congress was out for the Christmas holidays. I can explain it and I'm just a 73 year old nobody!

[@grimaffiliations3671]

nonsense, the fed is a government entity created by the federal reserve act. It has it's board of governors appointed by the president and must hand over all profits to the treasury

[@haggai3.477]

*MY GRANDMA ALWAYS SAID* *COMMON SENSE WAS MADE BEFORE BOOKS*

[@bobsee5364]

what we heard from his words reflect what and why US facing now and coming future look like

[@yunghanma47]

The true nature of money is actually note, or borrowing note signed by the Secretary of Treasure on behalf of US government with ALL the asset of the whole US as collateral. The more money is printed, or the more notes are issued, the actual value of the note is diluted, or devalued, as a result causing inflation, eventually a total collapse. At that time you will save more to wipe you ass by using 5 one-dollar bills, or notes, instead of spending five dollars buying a sheet of toilet paper. A typical example, in one of the African countries, I forgot the name, to change 100 USD into local currency which is printed in a face value of 5 billion, you will need a pickup to haul it away.

[@jcteo1]

😂🤣 I feel embarrassed for him. In his defense, he can’t explain MMT because MMT makes no freaking sense in the first place.

[@despoticmusic]

The Magic Money Tree makes perfect sense to everyone! 😂😂😂 $,€,¥,£… all grow on trees - and they all taste different. Easy economics 101 lesson.

[@fabiopilnik827]

That’s a negative on defending him. Money-printing is inflationary but if you do it while lowering interest rates then the bond-holders get their premium and sell-off into housing and capital. It is that simple.

[@jcteo1]

@@fabiopilnik827 I wasn’t actually defending him. I was being sarcastic! He makes no sense. MMT makes no sense. It is all a fantasy at best, but more a giant Ponzi scheme.

[@jbishop-tt4po]

Because he has a degree in fine arts from Manhattan School of Music and not in Economy.

[@rogerfaint499]

he has a degree in fine arts specializing in gender studies . . . though the number of genders are an unknown at the moment . . .

[@nunyabizz8730]

​@@rogerfaint499😂😂😂😂😂😂👍

[@nunyabizz8730]

😂😂😂👍

[@stinkydog5935]

@@rogerfaint499 lol

[@vaska1999]

He also has a Doctorate in Social Work. No degree in economics.

[@aldas3831]

I think he really did not know the answer to the question.

[@TomRommelmann]

In this case your headline "shocking" is right on point! I can't believe this economic advisor to the President could give such an inept response to such a basic question! I would have expected a more nuanced and evasive answer, which sounded good but actually said nothing.

[@alexbatanov1173]

we live in a idiotic world which nobody can explain

[@dennisreed6345]

The USA is a kakistocracy a government of a state by it's most stupid ignorant least qualified and unprincipled citizens in power

[@davidhunter5062]

Oh, the non-legacy media explains to everyone that will listen exactly what’s happening. The only question is, “who’s listening to the obviously correct narrative?”

[@roelsvideosandstuffs1513]

Actually it is easy to explain. But once explain their game collapses.

[@americancivicsinstitute8108]

he is a social worker and a musician. He does NOT have a degree in ECONOMICS.

[@jasonkilgore1977]

That was an excellent interview. I am so glad you shared it with us. His response shows why our country is in such poor shape today.

[@sierrawander7108]

Yeah best economy on the planet, best recovery on the planet. From day one of the present administration, the sky is falling. Four year's later and even though we have a roaring economy, there are stable geniuses still crying the sky is falling. Yes there will be a down turn. There's always a correction of some kind when the fed. manipulates the economy. It won't be economic Armageddon 🫵🏻🤣🤣🤣🤣 Go change your panties

[@americancivicsinstitute8108]

he is a social worker and a musician. He does NOT have a degree in ECONOMICS.

[@jasonkilgore1977]

And they wonder why Trump wants to drain the swamp!

[@sierrawander7108]

@@jasonkilgore1977 🫵🤣🤣🤣🤣🤣 here comes your sex offender who had four years and increased the swamp. 🫵🤣🤣🤣🤣🤣

[@Digibeatle09]

This guy should have a cameo in the next movie of the “Dumb and dumber” variety…

[@nathancof]

We are so fucked.

[@KennyL1]

If this is the quality of the top economic advisor of the United States of America, God help America.

[@grasshopper3918]

It is too late even for God😅

[@rajlowkie6616]

Check your $DOLLARS$, (("IN GOD WE TRUST"))

[@mc-lb9dk]

fortunately there are no gods to help the USE

[@rajlowkie6616]

They are pulling on something that they can't find, the 🇺🇸 economy is the best in the (("🌎")).

[@mediocreman2]

This is what happens when you vote blue no matter who.

[@Richard_H_U]

This would be bad enough if it came from a bank manager but that it came from the Top US Economic Advisor is downright horrifying! Is this the level of competence that is managing the US economy? The state of the US economy & infrastructure, the poverty, homelessness & widening wealth gap, says a lot of that competence. Thanks Lena. You're the best!

[@user-lb8bg6kj9m]

The federal reserve chairman who ran the economy into the ground in 2008 won a nobel prize in economics for hitting the print button. It's the biggest con game out there.

[@user-fl7ff5pw8b]

This is what we have in our government position. That's the reason why our economy is trouble, individuals like him. It is all of our faults, letting people like him in his position.

[@WE.ARE138]

We all need to let go of the FedResrv and switch the system from public to private. Or at least give the people more private rights that stay protected and then we'll all need to start forming a better Trustee system.

[@craftsman40]

If a picture says a thousand words, that clip says it all.

[@terrencedludlu8370]

This perfectly depicts the US leadership and explains the 'Why' in all our questions.

[@mysticone1798]

The same incompetence provoked a war we can't win, and the sanctions that hurt us and our EU allies more than they hurt the Russians!!! The West is finished, if that's the best we can do!

[@bauzaque]

You are the greatest, dorogaia. And goodlookink too!

[@user-hz1vp8gp7p]

Is that what we do? Scary that he doesn’t know the answer and is the reason we are in deep trouble. Not surprising because the entire government apparently doesn’t understand it, especially the guy at the top…

[@user-jc8md5ni1y]

WOW WHO IS HE...ASKING HIM FOR THE UNITED STATES' ECONOMY STRATEGY AND HE CANNOT ANSWER THE SEEMINGLY SIMPLE QUESTION IS JUST RIDICULOUS...

[@stevegrant1010]

Did Bernstein come to Washington from Zimbabwe after they fired him for destroying their economy.

[@peterkogl1329]

According to Emil Cosman, YES!

[@ardentenquirer8573]

The perceived worth of a currency constitutes a cornerstone of its intrinsic value. It's the collective belief held by individuals and institutions that a currency possesses reliability and usefulness in facilitating transactions and safeguarding wealth. When this perception is strong, there's a heightened willingness among stakeholders to embrace and retain the currency. However, this perception is deeply intertwined with the economic health and fiscal robustness of the issuing country. Without sufficient revenue streams derived from taxation or tangible resources that the nation can leverage or sell, the currency loses its credibility and, consequently, its value. Essentially, the value of a currency is a reflection not only of trust but also of the underlying economic foundation upon which it rests. MMT is a scam I agree with you on this point ---- The USD is purposefully being devalued which is a scam also

[@larsnystrom6698]

No, he didn't get that job. Too unqualified for them!

[@daviddavid-yb6zk]

​@@ardentenquirer8573make sense!👏👏👏

[@aziziyable]

Trust is the word to describe the whole situation or equation, US cannot exist alone, its economy needs the world but the world has lost trust in the US economy and its foreign policy.....

[@dmhipkins]

Thank you!