fiddlehodl@nostrplebs.com on Nostr: #asknostr Most of us have seen the video of the Biden's chair of economic advisors ...

#asknostr
Most of us have seen the video of the Biden's chair of economic advisors stumbling painfully over the question of why we need to borrow money if we can print money. If you haven't seen it, it's worth a look - absolutely hilarious. (Link below but I don't know how to clean it of trackers.)

I think the answer is that the Treasury that needs to write the checks, and it's the Fed Reserve (and banks) - not branches of the federal govt - that actually print the money. Right? So there's this ridiculous dance of the Treasury trying to sell bonds, and if not enough people/country/funds are interested, the Fed prints money to buy them.

Is that about right?

https://www.youtube.com/watch?v=1Fj0zRmEWYc