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ECONOMIC REALITIES AND THE LOOMING CRISIS 👍.
It's clear that the government prints money and lends it by selling bonds, but there's confusion around how it all works. Jared Bernstein, an advisor to Biden, stumbled when asked about it. This highlights a bigger issue: our economic system seems shaky. The government's borrowing leads to a growing debt, which could end in a bond market collapse. Despite this, Bernstein's claim that the government prints money is inaccurate. The Federal Reserve handles money printing, not the government directly.
Looking ahead, the debt crisis seems imminent, with interest payments ballooning. This could trigger a currency crisis, forcing the Fed to print more money, further devaluing the dollar. Some advocate for alternatives like Bitcoin, arguing that our current financial system is flawed and unsustainable. The debate continues, but it's clear we're facing significant economic challenges ahead.
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