cross-posted from: https://thelemmy.club/post/12591808

  • Jared Bernstein, Joe Biden’s Chief Economist, faced difficulties explaining money’s workings in a documentary or Finding The Money,’ despite his role.
  • He stumbled through concepts, highlighting the confusion around government money printing and borrowing
  • Bernstein, who is head of the US Council of Economic Advisers, is not formally trained in economics and appeared bewildered in the clip
    • AbbysMuscles [she/her]@hexbear.netEnglish
      16·
      6 months ago

      …the State Bank of the USSR took over the role of commercial lending and printed as much money as needed for rapid industrialization. You can read reports from Western journalists of how they were surprised how fast the USSR could develop in such a short period of time.

      I’m fascinated and uneducated. Can you break down for me how this didn’t lead to massive inflation?

        • PolandIsAStateOfMind@lemmygrad.mlEnglish
          5·
          6 months ago

          Fun fact: During and after civil war in Russia the topic of import was mentioned in Lenin’s works very often, and Lenin was positively extatic over every deal where foreign sellers accepted rubles instead of gold or other currencies, and heaped praise on anyone who could negotiate deal in rubles.