Episode Transcript
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(00:00):
The Michael Berry Show. You mayor may not aim you don't know the
name Jared Bernstein. Don't worry.I'm going to tell you who he is.
This is how Wikipedia describes him.I'll make it simple. Jared Bernstein
is an American economist and chair ofthe United States Council of Economic Advisors.
I know I'm putting you to sleep. You don't care, but wait.
(00:22):
He's a senior Fellow at the Centeron Budget and Polisary Policy Priorities. It's
getting worse right. From nine toeleven, he was the chief economist and
chief Economic Advisor to Vice President JoeBiden in the Obama administration. So I
want you to understand, this isa guy who is advising. Back then,
(00:45):
Biden was mostly conscious. But thatis when he had the brain tumors
and all. This is when allthe problems begin. On September fifth,
twenty twenty, Bernstein was announced tobe a member of the Advisory Council of
the Biden Harris transition team. Okay, this is a guy. Remember,
Joe Biden's not doing anything. Theybring in other people to make decisions.
(01:10):
So you need to know who thoseother people are and how they think.
Right, subsequently. That means laterPresident Joe Biden selected Bernstein to serve on
the Council of Economic Advisors in Januaryof twenty twenty one. In February of
last year, Bernstein was nominated aschair of the Council of Economic Advisors by
(01:33):
Biden, replacing Cecilia Rouss. Hewas approved by the Senate by a vote
of fifty to forty nine. NowI give you that build up so that
you understand this isn't just some wackosocialist professor, some Marxist professor out in
(01:53):
California. This is the chairman ofthe Council of Economic Advisors explaining that,
in his opinion, the government cannever go bankrupt. Do you know why?
(02:13):
It can print more money, soit's impossible. The government can spend
whatever it wants. It just keepsprinting money. What people don't understand is
that that money has no value unlessyou have an economy underpinning it. This
(02:34):
is where country is like Bolivia gotin trouble years ago, where people would
go to the store, to themarket closest to their home because there the
value of their money was dropping sofast they didn't have to travel time would
mean it was worth less than whenthey left their home, and they would
(02:55):
take a wheelbarrow full of money tobuy a lot of bread. This is
what happens when you print more moneythan your economy can sustain. This is
what is happening in this country.You're working hard to make a dollar while
at the same time your government isprinting a dollar here, a dollar here,
(03:20):
a dollar here, a dollar here, a dollar here. So your
dollar has no value anymore. Nowyou've got to make an extra dollar to
keep up with the dollar you madebecause the dollar you made is not enough
because all around you are people gettingpaid a dollar who didn't work. This
is inflation. Well, inflation makespeople mad election year. I'm gonna be
(03:42):
talking about this a lot till November. In case you're wondering, Michael I,
I think you're talking about that theother day. This isn't a one
day deal. This is much moreimportant than that, he said. She
said of what some congressmen made thenews talking about today, the fact that
inflation is so high that you areyou are backing up instead of moving forward
(04:03):
because your government is out printing yourearnings. They're making more money than it's
the I love Lucy episode at thechocolate factory. Boy, did that ever
turn out to be a great analogyfor so many things. You remember when
Lucy and Ethel couldn't keep up withthe chocolates. They thought they'd have one
(04:27):
and then it got out of control. That's what's happening. You're the worker
on the assembly line. You can'tkeep up. Your government is your worst
enemy. Your worst enemy, thegovernment that you're funding. You're paying them
to work against you. Now here'sBiden's top economic genius, claiming the government
(04:54):
doesn't have to stop spending. Theydon't have to curtail anything. They can
just keep spending all the money theywant forever. The US government can't go
bankrupt because we can print our ownmoney. It obviously begs the question why
exactly are we borrowing in a currencythat we print ourselves. I'm waiting for
someone to stand up and say,why do we borrow our own currency in
(05:17):
the first place? Like you said, they print the dollar, So why
why does the government even borrow?Well? The uh so, the I
mean again, some of this stuffgets some of the language that the some
of the language and concepts are justconfusing. I mean, the government definitely
(05:41):
prints money, and it definitely lendsthat money, which is why the government
definitely prints money, and then itlends that money by selling bonds. Is
that what they do? They theythey Yeah, they they they sell bonds.
Yeah, they sell right, sincethey sell bonds and people buy the
(06:01):
bonds and lend them the money.Yeah. So a lot of times,
a lot of times, at leastto my year with MMT, the language
and the concepts can be kind ofunnecessarily confusing, But there is no question
that the government prints money and thenit uses that money to uh So,
(06:24):
yeah, I guess I'm just Idon't I can't really talk. I don't.
I don't get it. I don'tknow what they're talking about, like,
because it's like, the government clearlyprints money, does it all the
time, and it clearly borrows.Otherwise we wouldn't be having this debt and
depthist conversation. So I don't thinkthere's anything confusing there. So what's his
(06:47):
background? If you were to tellme he's a Keynesian he'd been trained in
socialist economics, I can say,well, I don't like his theories,
but I see where he got them. Government is the engine of the economy.
(07:11):
That's how the Keynesians feel this isthe mindset of the Great Depression era
economists. If the government is spendingmoney, it's good. But what nobody
understands is the money the government isspending they took from other people. If
the government doesn't spend that money,then the people have it, and then
(07:32):
they can spend the money. Thereason you need the government to spend money
is supposedly to fill the gaps becausepeople don't have money. You know why
people don't have money because the governmenttakes it and then says we'll spend it
on you. But it never spendsit on the people who earned it and
paid it in. It only spendsit on the bums who say, I'm
(07:55):
a sad person over here. Butthere's a lot of other people just like
me who will vote for you ifyou'll call me a victim and pay my
bills. By the way, JaredBernstein, he's not trained in economics.
He's not trained in anything that wouldgive him any sort of sense of how
(08:20):
our economy works, which is alifelong study of mine. His background a
bachelor's in music and a doctorate insocial welfare. Of course, the next
time somebody ridicules you pokes fun atyou for voting for Donald Trump. You
(08:45):
tell them these socialists are destroying thiscountry and you'll go down too. And
I can't wait. I wish everyDemocrat would starve as a result of the
Biden policies, because that's what theyvoted for, that's what they give.
Stir of success, brought up inArne, Texas, broke ass cod scholarship
(09:05):
his way to two law degrees,including one from her Majesty the quinta Anger
elected three or four times, alawyer, a husband, a father,
but most of all are ignorant assasking your seat bell, pop your code
when they get ready for more ofmister Michael Berry hines. If you like
(09:30):
the Michael Berry Show and Podcast,please tell one friend, and if you're
so inclined, write a nice reviewof our podcast. Comments, suggestions,
questions, and interest in being acorporate sponsor and partner can be communicated directly
to the show at our email address, Michael at Michael Berryshow dot com,
(09:52):
or simply by clicking on our websiteMichael Berryshow dot com. The Michael Berry
Show and Podcast is produced by RamonRoeblis, the King of Ding. Executive
producer is Chad Knakanishi. Jim Muddis the creative director. Voices Jingles,
(10:16):
Tomfoolery, and Shenanigans are provided byChance McLean. Director of Research is Sandy
Peterson. Emily Bull is our assistantlistener and super fan. Contributions are appreciated
and often incorporated into our production.Where possible, we give credit, where
(10:37):
not, we take all the creditfor ourselves. God bless the memory of
Rush Limbaugh. Long live Elvis,be a simple man like Leonard Skinnard told
you, and God bless America.Finally, if you know a veteran suffering
from PTSD, call Camp Hope ateight seven seven seven one seven PTSD and
(11:03):
a combat veteran will answer the phoneto provide free counseling.
The Michael Berry Show. You mayor may not aim you don't know the
name Jared Bernstein. Don't worry.I'm going to tell you who he is.
This is how Wikipedia describes him.I'll make it simple. Jared Bernstein
is an American economist and chair ofthe United States Council of Economic Advisors.
I know I'm putting you to sleep. You don't care, but wait.
(00:22):
He's a senior Fellow at the Centeron Budget and Polisary Policy Priorities. It's
getting worse right. From nine toeleven, he was the chief economist and
chief Economic Advisor to Vice President JoeBiden in the Obama administration. So I
want you to understand, this isa guy who is advising. Back then,
(00:45):
Biden was mostly conscious. But thatis when he had the brain tumors
and all. This is when allthe problems begin. On September fifth,
twenty twenty, Bernstein was announced tobe a member of the Advisory Council of
the Biden Harris transition team. Okay, this is a guy. Remember,
Joe Biden's not doing anything. Theybring in other people to make decisions.
(01:10):
So you need to know who thoseother people are and how they think.
Right, subsequently. That means laterPresident Joe Biden selected Bernstein to serve on
the Council of Economic Advisors in Januaryof twenty twenty one. In February of
last year, Bernstein was nominated aschair of the Council of Economic Advisors by
(01:33):
Biden, replacing Cecilia Rouss. Hewas approved by the Senate by a vote
of fifty to forty nine. NowI give you that build up so that
you understand this isn't just some wackosocialist professor, some Marxist professor out in
(01:53):
California. This is the chairman ofthe Council of Economic Advisors explaining that,
in his opinion, the government cannever go bankrupt. Do you know why?
(02:13):
It can print more money, soit's impossible. The government can spend
whatever it wants. It just keepsprinting money. What people don't understand is
that that money has no value unlessyou have an economy underpinning it. This
(02:34):
is where country is like Bolivia gotin trouble years ago, where people would
go to the store, to themarket closest to their home because there the
value of their money was dropping sofast they didn't have to travel time would
mean it was worth less than whenthey left their home, and they would
(02:55):
take a wheelbarrow full of money tobuy a lot of bread. This is
what happens when you print more moneythan your economy can sustain. This is
what is happening in this country.You're working hard to make a dollar while
at the same time your government isprinting a dollar here, a dollar here,
(03:20):
a dollar here, a dollar here, a dollar here. So your
dollar has no value anymore. Nowyou've got to make an extra dollar to
keep up with the dollar you madebecause the dollar you made is not enough
because all around you are people gettingpaid a dollar who didn't work. This
is inflation. Well, inflation makespeople mad election year. I'm gonna be
(03:42):
talking about this a lot till November. In case you're wondering, Michael I,
I think you're talking about that theother day. This isn't a one
day deal. This is much moreimportant than that, he said. She
said of what some congressmen made thenews talking about today, the fact that
inflation is so high that you areyou are backing up instead of moving forward
(04:03):
because your government is out printing yourearnings. They're making more money than it's
the I love Lucy episode at thechocolate factory. Boy, did that ever
turn out to be a great analogyfor so many things. You remember when
Lucy and Ethel couldn't keep up withthe chocolates. They thought they'd have one
(04:27):
and then it got out of control. That's what's happening. You're the worker
on the assembly line. You can'tkeep up. Your government is your worst
enemy. Your worst enemy, thegovernment that you're funding. You're paying them
to work against you. Now here'sBiden's top economic genius, claiming the government
(04:54):
doesn't have to stop spending. Theydon't have to curtail anything. They can
just keep spending all the money theywant forever. The US government can't go
bankrupt because we can print our ownmoney. It obviously begs the question why
exactly are we borrowing in a currencythat we print ourselves. I'm waiting for
someone to stand up and say,why do we borrow our own currency in
(05:17):
the first place? Like you said, they print the dollar, So why
why does the government even borrow?Well? The uh so, the I
mean again, some of this stuffgets some of the language that the some
of the language and concepts are justconfusing. I mean, the government definitely
(05:41):
prints money, and it definitely lendsthat money, which is why the government
definitely prints money, and then itlends that money by selling bonds. Is
that what they do? They theythey Yeah, they they they sell bonds.
Yeah, they sell right, sincethey sell bonds and people buy the
(06:01):
bonds and lend them the money.Yeah. So a lot of times,
a lot of times, at leastto my year with MMT, the language
and the concepts can be kind ofunnecessarily confusing, But there is no question
that the government prints money and thenit uses that money to uh So,
(06:24):
yeah, I guess I'm just Idon't I can't really talk. I don't.
I don't get it. I don'tknow what they're talking about, like,
because it's like, the government clearlyprints money, does it all the
time, and it clearly borrows.Otherwise we wouldn't be having this debt and
depthist conversation. So I don't thinkthere's anything confusing there. So what's his
(06:47):
background? If you were to tellme he's a Keynesian he'd been trained in
socialist economics, I can say,well, I don't like his theories,
but I see where he got them. Government is the engine of the economy.
(07:11):
That's how the Keynesians feel this isthe mindset of the Great Depression era
economists. If the government is spendingmoney, it's good. But what nobody
understands is the money the government isspending they took from other people. If
the government doesn't spend that money,then the people have it, and then
(07:32):
they can spend the money. Thereason you need the government to spend money
is supposedly to fill the gaps becausepeople don't have money. You know why
people don't have money because the governmenttakes it and then says we'll spend it
on you. But it never spendsit on the people who earned it and
paid it in. It only spendsit on the bums who say, I'm
(07:55):
a sad person over here. Butthere's a lot of other people just like
me who will vote for you ifyou'll call me a victim and pay my
bills. By the way, JaredBernstein, he's not trained in economics.
He's not trained in anything that wouldgive him any sort of sense of how
(08:20):
our economy works, which is alifelong study of mine. His background a
bachelor's in music and a doctorate insocial welfare. Of course, the next
time somebody ridicules you pokes fun atyou for voting for Donald Trump. You
(08:45):
tell them these socialists are destroying thiscountry and you'll go down too. And
I can't wait. I wish everyDemocrat would starve as a result of the
Biden policies, because that's what theyvoted for, that's what they give.
Stir of success, brought up inArne, Texas, broke ass cod scholarship
(09:05):
his way to two law degrees,including one from her Majesty the quinta Anger
elected three or four times, alawyer, a husband, a father,
but most of all are ignorant assasking your seat bell, pop your code
when they get ready for more ofmister Michael Berry hines. If you like
(09:30):
the Michael Berry Show and Podcast,please tell one friend, and if you're
so inclined, write a nice reviewof our podcast. Comments, suggestions,
questions, and interest in being acorporate sponsor and partner can be communicated directly
to the show at our email address, Michael at Michael Berryshow dot com,
(09:52):
or simply by clicking on our websiteMichael Berryshow dot com. The Michael Berry
Show and Podcast is produced by RamonRoeblis, the King of Ding. Executive
producer is Chad Knakanishi. Jim Muddis the creative director. Voices Jingles,
(10:16):
Tomfoolery, and Shenanigans are provided byChance McLean. Director of Research is Sandy
Peterson. Emily Bull is our assistantlistener and super fan. Contributions are appreciated
and often incorporated into our production.Where possible, we give credit, where
(10:37):
not, we take all the creditfor ourselves. God bless the memory of
Rush Limbaugh. Long live Elvis,be a simple man like Leonard Skinnard told
you, and God bless America.Finally, if you know a veteran suffering
from PTSD, call Camp Hope ateight seven seven seven one seven PTSD and
(11:03):
a combat veteran will answer the phoneto provide free counseling.
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