What is money? - Historian explains monetarism and inflation | Jennifer Burns and Lex Fridman
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- Опубліковано 9 лют 2025
- Lex Fridman Podcast full episode: • Jennifer Burns: Milton...
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Jennifer Burns is a historian of ideas, focusing on the evolution of economic, political, and social ideas in the United States in the 20th century. She wrote two biographies, one on Milton Friedman, and the other on Ayn Rand.
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Inflation, bank collapse, severe drought in the agricultural belt, recession, food shortages, diesel fuel and heating oil shortages, baby formula shortages, available automobile shortages and prices, the price of living place.
Government policy has thrown the future under the bus for decades. The day of judgment is near. I predict an 80% drop in the stock market. Investors will abandon stocks in favor of real estate. There will be no money in banks... You must devise a strategy for survival.
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Most people even people with PhD after their names do not understand Money and when and if they do they become very conflicted. It always amazes me that professional Economists do not understand how or why Fiat money works the way it does. Inflation is not a phenomena. Inflation is the inevitability of Fiat printed money and literally the consequence of debt and how debt and loans are repaid by inflation as you devalue the value of existing money. In other words Inflation is the cost of Government over spending and wealth transfer passed on to and paid for by the working class.
It works because we all agree it does. It’s an illusion.
To me, people like this come off as if they are going down a rabbit hole on a film theory or fanfiction. They are fighting for the appearance of consistency, but nothing they say adequately explains what we see in reality.
@@A.W-w6tit’s not an illusion. It has demand due to taxation. Threat of violence isn’t an illusion.
@@A.W-w6tTry not paying your taxes. Is the resulting jail time and seizure of your assets an illusion?
“It works because we all agree is does” is the kind of BS you learn in high school and never think to question.
Why most economists practice pseudoscience not true economics and they don’t even know it. They’re all just testing theories because they sound good, deeming them as laws
This is kind of a disappointing clip because the good questions about money are not discussed and the title of the video is misleading. A better title would be “monetarism discussion” or something.
Also this is a reminder of why I don’t consider economics a hard science.
Just psychology, mass behavior around money
It is not
Economists don't consider economics a hard science. I've actually never heard anyone associate economics with the hard sciences. It's a social science. Were you under the impression that your opinion was unique?
@@bigbudoocoin839we live in a world where the social sciences are looked down upon, so there's been a big push in the more "sciency" social sciences (economics, psychology, Linguistics, etc) to appear more STEMy
@@bigbudoocoin839 Lol, hello there. To answer your question, no. Also, I misspoke, I meant to say, I don't consider economics in its current state much of a science at all. It only has a bit of science trappings, thanks to some generic models that use partial differential equations, and attempts to prove very general concepts. But overall, it is lacking in many ways as a science compared to other fields, and seems to be permanently trapped in politics, preventing its advancement, at least so it appears from my perspective. It appears to be lacking in certain investigation and model creation aspects.
When money is discussed, why aren’t things like central banks, Jekyll island, the 16th amendment and how it was passed and IF it was actually ratified, discussed? Frustrating
I’m taking a giant dump as we speak
Once you realize that money is printed at will and is based on debt and not anything of real value then you understand that it is all a dog and pony show.
It’s all an illusion created by the owners of this world, peasants in 1800 work 50% of what we do today
lol bc Lex doesnt do any actual questioning - just puts on a suit and dats it
@@polarizingbrutehe provides a platform for brilliant minds to speak and share their ideas/point of view
Currency =/ money
I love how they don't talk about interest/ usury.
The FED is not a federal agency, they are a private entity with shareholders. Start there.
@@reinhard7572 Wrong, the *Federal* Reserve is an agent of government in the same way the Treasury or the Military is. The “shares” owned by member banks don’t confer any ownership rights whatsoever. All profits are returned to the Treasury. It’s a creature of government, and completely under the control of government. If the government passed a bill saying all the Fed walls shall be painted orange, they would be. If the government passed a bill to set the overnight target interest rate to 0%, the FOMC wouldn’t have any power to do otherwise.
In my experience, your view is usually only uttered by people who have never read the reserve act of 1913 or studied monetary operations.
The shareholders are only the US Congress.
@@christianlibertarian5488says who? They've never been audited.
Also, how and why would they be a private institution if owned by the US Congress?
Lastly how does Congress "own" anything?
@@pinkisforpimps You are mixing your concepts. But, #1, they are constantly audited. They are NOT a private institution; they are a creature entirely of the US government, controlled and directed thereby.
BS, they have not been audited. Let’s see the audit!
This is the best explanation of these ideas that I've ever heard.
Agreed. Unfortunately the title is misleadingly more broad and has everyone in a tizzy.
@@matthewabln6989 Agreed. Needed to start with, What is Money? Lex is really clueless.
In 70's money started to cumulate to owners. Before 70's wages went up with productivity and economics was fine. When money concentrate to rich economics halt.
You can thank technology for that
@@dmanatan*Reagan and Thatcher
@@AyeYoBoxingWithMadiba Yes, I’m grateful to them as well
We went off Gold Standard (exchange) in 1971.
This is the inflection point.
@ but it’s not why productivity began to outpace wages.
Lex Fridman Podcast full episode: ua-cam.com/video/Rz-4ulRKnz4/v-deo.html
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See below for guest bio, links, and to give feedback, submit questions, contact Lex, etc.
*GUEST BIO:*
Jennifer Burns is a historian of ideas, focusing on the evolution of economic, political, and social ideas in the United States in the 20th century. She wrote two biographies, one on Milton Friedman, and the other on Ayn Rand.
*CONTACT LEX:*
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*EPISODE LINKS:*
Jennifer's X: x.com/profburns
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Jennifer's Books:
Milton Friedman biography: amzn.to/4hfy1HO
Ayn Rand biography: amzn.to/4afr3A0
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This video didn't even begin to address money. What's up with the title?
Enough truth in it. So they can convince everyone. That everything she says is the truth.
@MrSeadawg123 I don't really see any thing ground breaking or even the main core ideas of what money is in this video. It's just a big shout out to Friedman, which is a great economist, but sits 2nd chair to many many other economist that more aptly describe money.
@christopherbagley2318
Friedman waa controlled opposition IMO. He never spoke about the hostory of the Fed or how it came into existence.
And to this day. Very few people are aware.
The monetary system. Is a fabricated system of control.
Designed by the rich. For the rich. To exploit any resource they want.
Historian not mentioning once gold & silver incredible!
Correct. She’s explaining the beginning of Keynesian economics, which would not recognize gold and silver. Keep up.
We the CEOs of the United Corporations of America in order to form a more perfect Capitalist Oligarchy
The most recent round of Inflation occurred because the capital class saw consumer spending increase, and increased their prices to capture more of the value.
Profit margins went up while wages stayed flat. In the sort of inflationary cycle Friedman described, profit margins would stay flat just like wages. Everyone would earn less from their role in the economy.
That isn't what happened in the last few years. Instead, the leeches in the capital class saw an opportunity to capture more value for themselves without adding more value to the economy.
Yes only in 2022 the capital class found out what greed is and increased prices 🤣
@ajinkyakamate421 Greed isn't new. The portion of the idle wealthy's cut of the economy just got bigger. That increased cut was the bulk of inflation in America.
@@0wn-nothing-be-happy So how did it got bigger? Magic? And during period of low inflation the cut of the economy gets smaller? so how? magic?
u still don't get it.... FED is a private entity! just... please stop looking around when it's right in front of you
That's the point the government has forced businesses that have any incentive Outsiders the wrong humans always need incentive that's the issue the government has strategically made it possible strangle the small businesses what does down to is do you like the people that control the wealth also being able to arrest you and force you to do things in the free market businesses can arrest you were force you to do anything that's the f****** whole point that's the one messenger forefathers had in that Constitution is don't forget humans are humans you can't trust them you have to trust the system the format here it is don't blow it
Money is the consolidation by government of I.O.U.'s between individuals.
That's it.
The ultimate ledger
Fantastic. I learned a lot in 20 min.
Idiocy is when people are paid to ignore things. Food is money, originally dried barley. You can’t eat gold but you can eat dried grain. A shekel is a weight, originally 180 grains of barley. A silver shekel was notional, because silver was almost unavailable. But notionally, a silver shekel was worth so many bushels of barley. Silver wasn’t the money, that state fixed ratio told you the price of silver … in barley.
I like the sarcasm.
Imagine being born and you have unlimited money because your family owns everything by corruption
Like royalty? Oligarchs?
It's a pretty destructive world view to think everyone getting rich is by corruption.
That also means that you haven't realized that only the rich invests in things giving jobs. Remove the rich and you get none of that!
We call it "venture capital".
"venture" as in "adventure", they take a risk!
Gold and silver is money everything else is credit
He knows he's a jew
Gold and silver are rocks
Bitcoin is money
Money should be tied to units of energy.
Can you pay taxes with bitcoin or metals ? If not it's not nomisma.
The amount of money, speed of transactions surely are related to inflation. How about oligopolies, monopolies, cartels, corruption, regulatory markets, gov and private corruption ? etc etc ..
You need to go read more Sowell.
Money is not real
Fiat currency is not real. Money is real
It's as real as long as enough ppl say it it's real
@ generally the best money wins. This is why gold beat copper as a money.
Politicians want their way short term inflation be damned.
She's good! I have to read her book:
Jennifer Burns' 2023 book, Milton Friedman: The Last Conservative.
When Milton Friedman was active I didn't care enough about economics. But even so, I remember him from our Swedish TV -- at a time when we had just two channels 🙂
All I remember about him is that impression of his obvious inrelligence and that "Inflation is always a monetary phenomenon".
what helps me understand money is that episode of its always sunny when frank describes inflation and gives mac and dennis the idea of renting our inflatable couches
Friedman really had a big effect on my understanding of the world. The quantity of money needs to be considered along with supply and demand when predicting and understanding price changes. If we hold supply and demand fixed, but inject double the money into the economy, then the price of bread could double. But, if people wages remain the same, this is no arbitrary mathematical shift -it will directly affect people's standard of living. His short video on inflation in Japan in the mid 70s was very instructive in order to understand recent times.
And the concept of inflation as a stealth tax really helped me understand the past few years. Governments who are in debt tend to be less concerned about inflation. In fact, it benefits them by reducing the value of their debt, at the expense of everyone's savings. By lowering the value of money, they have to play back a lot less, in real terms, while ordinary people have to pay a lot more, in real terms for goods and services. It works like a tax, but without having to pass any legislation. And, due to economic ignorance, it also doesn't affect politician's electability. In fact, a lot of the electorate often judge their politicians on their ability to 'fix' inflation, as if such a thing could be done, and never seem to wonder whether the politicians were responsible for it in the first place.
This is a tempting thought, but the more I think about it, the more I am stuck with the question, why do companies decide to increase the price of things?
@@AndogaSpockbecause the prices of the inputs required to make their products increase.
Energy cost for example affects everything
The problem with Friedman‘s view on money is that it presupposes the existence of collusion in the marketplace and makes excuses for it.
@tuckert7489 this kind of circular argument is what I dont get. You are saying that companies increased the price of things because other companies increased the price of things.
@@AndogaSpock As inflation increases and cost daily living goes up, people will demand higher wages from their employers. This also includes cost of inputs such as raw material and energy. To offset both of those costs, companies need to increase prices. If you are implying about companies abirtrarely increasing prices to boost profit to reward shareholders, well they can do that too even if it sounds bad. It's called capitalism.
When someone quotes Friedman, RUN.
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There are so many opinions being spouted here that it is hard to follow.
Jennifer Burns may know what she is talking about but it is almost impossible to figure out if any of what she says is true.
what do you take most issue with
@voutolliC22 I confess honestly that I don't know if I take issue with anything in particular. I only know that there is so much information that I had never heard before that I have no idea whether it is true or not.
Jennifer Burns assumes that both the interviewer and the audience know a lot of things and she takes these things for granted.
For example, she mentions a theory of money that I had never heard of before and she mentions a law passed in the US in 1951 that gives/gave the Federal Reserve its independence (back). Never heard these things before and she mentions too many other things for which I have no reference.
@tylerfoss3346 go listen and read Friedman and Sowell. Anyone with an open mind will figure it out.
Bitcoin is perfect money!
The biggest problem here is the varying definitions being thrown about as to what MONEY actually is... to some of you it's debt, others it means fiat, and still more it is illusory... ALL of which are not entirely accurate.
Another short term thinking by current central banks
Bitcoin solves this
No it doesn't
@sambodutch5433 you can't increase the money supply artificially
bitcoin folks. get some.
Get gold. Bitcoin is just tulips.
Bitcoin is good but true money is gold. Bitcoin backed by gold is eve better. At least if everything gets wiped out, or it becomes cracked, there's still gold
Bitcoin gonna be the biggest rug pull In human history
@@DrewbattleTheGreatyup
Try learning about it before judging@@DrewbattleTheGreat
It pisses me off that my money for services I provided in the past got devalued because of inflation. Even though any service provided right now is obviously more expensive than a service provided tomorrow. This suggests the monetary system is rigged. The only exception for inflation should be a major supply chain disruption or a cataclysm.
When you say inflation you mean a relative price level increase.
That is not what she means. When she says inflation or mentions Friedman they're talking about a rate of change month to month and year to year
The FED is about as "Federal" as Federal Express. And the only "Reserve" they have - gold - hasn't been audited since 1956.
These people have lost track of the true meaning of the word 'inflation.' Adam smith defined 'inflation' as "Raising the ratio of the amount of money in circulation to the amount of goods and services in the market (GDP). We have redefined it to mean "rising prices" or even "the rate at which prices are rising". Big mistake!!
Money is the symbol of human energy. It takes faith to create money. People place their faith in these symbols, hence the symbol’s power to hold a store of value that affects human behavior as a medium of exchange.
Lol no. It is not a symbol. It is the medium by which labor and materials are exchanged... either by barter, or some agreed upon vessel of exchange, ie gold, fiat, a barrel of oil.
@ that medium represents the store of value. That fact that it represents a store a value is why the medium is a symbol.
Lex - Michael Hudson! He knows the history of money since few thousands years before Christ. And it is so much more interesting to listen to him, than to this chick who really cannot decide what she's thinking about it all.
How did Lex become popular? Who is he connected to? The guy is as articulate as a rock.
Finally. What is money? History of money? Empire and money? Power, control and money.? Human energy, money? Just some suggestions. Oh yeah, is currency money?
Currency is a form of money, but not all money is currency.
@christianlibertarian5488 currency is a derivative of money, money is ultimately exchangeable realized intention. I think. So currency is a debt against realized intention, or creativity, if you prefer.
@@weinerdog137 Currency is readily exchangeable money.
I'm with stupid -----> 🌎
Money is debt
Deflation is the natural order of free markets. Deflation is what we want not inflation
There is no “natural order” of fiat money. It is, after all, made by fiat. Deflation slows economic activity as it encourages holding money instead of investing in productive assets.
@@christianlibertarian5488he said free markets... not fiat... and he's right, toots.
@ We use fiat money. We don’t use commodity money.
@@christianlibertarian5488 lol... no
@@christianlibertarian5488 You know, I half doubt this argument. People still need food and other consumables. Deflation won't stop people from buying necessities for living.
Money is a collective ruler that free people create to measure their individual interpersonal subjective value-opinions of things.
“My property rights are there! Work is therefore the certain foundation, the pure source, the holy origin of the rights of property. Otherwise the self is not primordial and original property, and the faculties, an expansion of the self and the organs put to its service, do not belong to it, which would be intolerable.”
― Gustave de Molinari
This is going to be another Bitcoin zealot, isn't it?
Bitcoin is the way…some people don’t see it, but they will. I was watching a movie from 2003 and one line in it a character said the internet was a passing fad…it obviously didn’t age will. Neither will Bitcoin nonbelievers
supply and demand is distorted because they can add more money whenever they want. Pay the debts, close the derivatives and phony marketing schemes.
Bitcoin = Tulips 😢
I can tell you about money. Because I have thought long and hard about it. It is the store of value. Specifically, perceived value.
We are already in the big crash, Inflation is a catastrophe. This CPI report is a colossal failure. To bring the housing market to a halt, the FED will have to pull all the stops. The unfortunate issue is that other markets are being decimated. If you want to stay green, you have to rely on a lot of diversification. Currently up 14% and being careful. Still a better deal than leaving it in a savings or checking account yielding 0-1 percent interest.
Housing MARKET outcompetes actual housing needs. Introduce 80% capital gain tax on housing, and it will suddenly help everyone in need of a roof over their heads instead of speculative function or hedge against inflation.
Free market capitalism was a new concept for conservatives? Malthus wrote the book immediately after Smith's book. The traditional conservative hierarchy and the free market has always been the conservative agenda. Economic political philosophers have always discovered the science that affirms their political beliefs.
Conservatives used to favor protectionism.
@epicphailure88 "free market" isn't the same as globalism. It's about no regulations on business.
@@Evan-s7r If that were realistically possible you would have to dismantle corporations entirely.
@epicphailure88 I have no idea what I said that compelled this reply. I said that conservatives have always been against regulations.
@Evan-s7r If unregulated capitalism was so good it would still be around. Plus conservatives haven't always supported the free market they supported colonialism which requires state power.
Phillips curve correlation matters. And yes raising unemployment would reduce the amount of money chasing goods. And lower inflation. But at what ratio to other inputs? Correlation to inflation will vary depending on other factors like supply issues, fiscal spending, and how much purchasing power was lost. Correlation.
Show the plot where money supply and inflation are correlated, How good is the correlation coefficient? I'll wait
Just look at the M2 and the inflation rate since 2019. There is a phase shift, but excellent correlation.
@christianlibertarian5488 shhh don't talk in objective fact. He's made a point, albeit asinine. Let him have it. :)
@christianlibertarian5488 and yes m2 up 40%, and commodities up 30 and 40%... magic I tell ya....
You can create money. But it depends on what it chases for inflation. You can filter the transmission. Via interest rates. But that doesn't work when it's fiscal spending.
90 % of the economists don't know what is banking and credit.
Currency was "invented" to solve a specific problem. With it came other problems and opportunities.
We're now in a time when it no longer serves its purpose, and we have better and more equitable ways of solving the original dilemma.
She really not that good explaining this… Money is simple, it’s an agreed upon system of record (ledger). Anything can be money. There’s two main forms (made by nature or by human engineering) and who controls the ledger is the difference. Gold is made by nature and the act of holding it physically is how the ledger is maintained, or with engineered money a central record keeper (like the fed or a king) controls the ledger (and can manipulate it creating inflation)
Bitcoin is the best money humans have ever had
Ponzicoin
@ the US dollar is a ponzi. Bitcoin is not. Would you call gold a ponzi scheme? No because it is a commodity that requires energy to mine, just like bitcoin.
"20 years to get back to normal"
So, his theory was wrong then.
2025 and we are not back to normal yet.
I just don’t see why we uphold certain regulations which add to inflation. The government could easily stop the epa regulation on vehicles and stop dealer mark up on cars. Then loosen regulation on buildings, so smaller more affordable housing can be built and available. Now you fixed two of the three major issues outside of healthcare for citizens.
I'm surprised no one thought of that before
@@thomasbest8599Plenty of people thought of it someone making money off the situation just stuff some legislators bra with a $20 so it wouldn't happen.
That has nothing to do with inflation. Inflation is when the supply of money increases faster than the traded production of the society.
Deregulation leads to suboptimal products. Economic pressures in modern times has not lead to better products. It's cheaper pollute, under engineer, etc.
Regulations protect consumers.
What we need as individuals is the ability to purchase. Supply isnt an issue, abs demand is already there.
@@jesseyoung4295 Not even close to reality, Jesse. Some regulations protect consumers. Other regulations protect big, existing market players. In the 70’s, huge new regulations were imposed on all automobile manufacturers. GM and Ford had a difficult time, but survived. Chrysler would have gone bankrupt, but got bailed out. AMC *did* go bankrupt, and disappeared.
Supply and demand are *always* issues. Increase regulations, and you increase price. That drops the market clearing volume down the demand curve. This is first year economics.
Economy is complicated like an ecosystem. To make absolute statement like money supply = inflation is not entirely accurate. Correlation yes. Highly correlated.
You can get high inflation and high unemployment. When fiscal spending dominates the economy. Raising Interest rates effects the private, unsubsidized productive sectors. Therefore economy slows, but the fiscal spending pushes on inflation. Interest rates and it's ability to filter the transmission is ignored by politicians who spend regardless of what the rates are. Squeezing out the private sector. Pushing up inflation, pushing unemployment.
I just use Goldbacks instead of fiat, so I don’t have worries about inflation. 😊
How can one talk for so long and say so little?
Austrian Economics > Monetarism
ALL of Economics < Econophysics & actual computer models
90% of this field is propaganda
Buy bitcoin
What is money but an illusion but proceed.
Wealthy people bought his ideas respectability. Look at the actual history of his scholarship
The comments on this are incredibly dumb
Read broken money by Lyn Alden
Is tulip mania a law of economics? People forget the psychology of economics.
call me crazy, but why does anyone need "inflation" explained?
Honey, wake up, new predictive programming just dropped.
Why would Beijing crash her Yuan?😮😮😮😮
One day money is no more..
glory to our socialism_communism economic system of the future.
Bartering was easier to understand than money .
So in other words there's the poor, middle class, and the rich
Keep pulling this thread and you will end up being a believer in Bitcoin. Not to be confused with the million other crypto scam coins. Bitcoin only. Fix the money, fix the world.
How tf do you talk about supply without talking about debt?
Currency isn't money. Money doesn't inflate it remains relatively constant because it has intrinsic value. Money is a store of wealth. Currency is the fiat ponzi scheme that we operate under now. Fiat currency isn't money. It's currency. The price of money, i.e. gold, isn't going up against the USD. It's the value of the USD going down.
Until the world runs dry of fresh water and no one wants your gold because they will die from dehydration first.
@@ErinMagner82 71% of the Earth's surface is covered in water. Where does all of that water go if the world runs dry of fresh water? Water evaporates from the oceans via the heat of the Sun and by wind activity. To have no fresh water means the Sun doesn't evaporate water to create clouds and therefore precipitation. So therefore, the Sun no longer exists if there is no more fresh water if your unfounded premise is going to be true.
Monetarism is such a superficial way of trying to explain inflation.
Come on, Copernicus came up with the Quantitative Theory of Money.
Bitcoin fixes this
Money isn’t wealth. It is a coupon.
Or tokeñ
A fundamental fact that has escaped economists up until the 20th Century, Adam Smith notwithstanding.
Buy and Hold BITCOIN - Your future self and family will respect you to have the courage to do something to fight back against this corruption of our money. Inflation is theft with a different coat of paint.
I think that I understand her argument, and intuitively it seems correct. But I was an 30ish adult in the 70s, and I thought that the Oil Shock was instrumental in accelerating inflation then. And increasing interest rates caused the 4% S&L loans to lose value …. Thus Stagflation. All of this reminds me of Hemmingways adage “there is no one thing that is true, it is all true”. Heeeelllllppp😢
This is so outdated, can't believe that people still think in these ways. Anyway, "Uncle Milty" started off good but didn't get any corporate patronage that way, so he had to go over to the dark side.
Baby, you're so money and you dont even know it.
Is this an economist? "Which I believe M2 encompasses...."?
after 10 minutes of this word salad, I still don't understand what the guest's point is. I'm out!
Prices have nothing to do with supply and demand. Take the stock market for example… hit all time high in the middle of covid with 25% unemployment. Or go to the local grocery chain…if you can read numbers, these values are infliction points in a self contained system. They are not arbitrary nor do they reflect supply and demand. They attach the contract to an item that you need to survive, and thus consent to their claim to design. No other place is this more true than medical field and court system. It is a system of subjugation and has nothing to do with American principals, freedom, or any mask they wear to conceal their true face. Basically, you are their lab rat for them to continue testing on to disprove the source in which they derive the knowledge. How much more does humanity have to pay for their disbelief in what is a gift to humanity… not a few swine like rodents under the guise of liberators or revolutionaries.
Philips curve is a joke - just ask Argentina, or Zimbabwe or Turkey.
BTC ATH 🙌🏻
This explanation totally forgets the lessons of the Great Recession! And why did we have declining inflation and record employment over the past four years?
And and how can you separate economics and politics? This podcast is maddeningly conservative.
Boooooo
Hey Lex, you stoned?
₿itcoin wins 🍊💊
MMT is a disaster
Bs bs bs.
Is that how it works? I think you all have been poorly educated
This woman is not a good storyteller
She’s awful. Learned absolutely nothing.
$$ the creation of CEASAR MASSIAH - we all bend the knee to the almighty $$ - Ceasar way to live forever - folks made it a religion - hopefully someday we will do it the INCA way - no $$ needed