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

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[–] ped_xing@hexbear.net 5 points 6 months ago

After looking it up, it sounds like the cash part is pretty much economy-neutral. Banks essentially buy cash. If they have $100,000 and an empty ATM, they can turn that into $90,000 and an ATM with $10,000 in it. The actual thumb-on-the-scale-of-the-economy doesn't happen there, and it wouldn't make sense to have it happen there -- banks would beg everyone to empty out the ATMs so they could refill them with fresh hondos.