{"id":2241519,"date":"2024-05-10T05:11:02","date_gmt":"2024-05-10T09:11:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-communists-with-bernie-sanderss-ear-and-formerly-bidens\/"},"modified":"2024-05-10T05:15:43","modified_gmt":"2024-05-10T09:15:43","slug":"the-communists-with-bernie-sanderss-ear-and-formerly-bidens","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-communists-with-bernie-sanderss-ear-and-formerly-bidens\/","title":{"rendered":"The Communists influencing Bernie Sanders and previously Biden"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fthe-communists-with-bernie-sanderss-ear-and-formerly-bidens%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2241519&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The text discusses the\u2064 controversial views of\u2063 Stephanie Kelton, a proponent of Modern Monetary Theory (MMT), and \u2063her influence on Bernie Sanders and \u2062Joe Biden. Kelton&#8217;s beliefs in government-controlled currency printing\u2064 and wealth creation are critiqued, \u200cwith MMT labeled as a\u2064 tool \u2063to justify \u2064expanding <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/historic-significance-of-georgia-senate-contests\/\" title=\"Historic Significance of Georgia Senate Contests\">national debt<\/a>. The piece illustrates\u200d how\u200b MMT challenges \u2063traditional economic principles and its potential consequences.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<div>\n<p>In a sane world, none of us should have to care about the views of Stephanie Kelton, prominent advocate of the economic delusion known as Modern Monetary Theory. But in a sane world, Sen. <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/bernie-sanders\/\" target=\"_blank\" rel=\"noopener\" title>Bernie Sanders<\/a> (I-VT) would have never appointed Kelton as chief economist when the left-wing extremist chaired the Senate Budget Committee. And President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\/\" target=\"_blank\" rel=\"noopener\" title>Joe Biden<\/a>, as Democratic nominee in 2020, never would have admitted her <a href=\"https:\/\/www.washingtonexaminer.com\/opinion\/1185638\/biden-caters-to-left-by-putting-aoc-on-climate-change-task-force\/\" target=\"_blank\" rel=\"noopener\" title>to his campaign\u2019s<\/a> economic task force in May of that year.<\/p>\n<p>So when Kelton and her coterie of socialists put out an hour-35-minute documentary detailing their <a href=\"https:\/\/www.washingtonexaminer.com\/opinion\/392760\/the-recipe-for-bidenflation-semi-modern-monetary-theory\/\" target=\"_blank\" rel=\"noopener\" title>defense of MMT<\/a>, your resident economics columnist watched <em>Finding the Money<\/em> so you don\u2019t have to.<\/p>\n<p>MMT <a href=\"https:\/\/www.washingtonexaminer.com\/news\/653068\/yellen-i-do-not-support-modern-monetary-theory\/\" target=\"_blank\" rel=\"noopener\" title>operates<\/a> off the axiom that a government responsible for minting its own currency can always print more when necessary. <em>Finding the Money<\/em> spends extensive time claiming that money didn\u2019t result as a medium of exchange or record of debt more efficient than direct bartering between individuals (in classical economics, the basic definition of a market). Rather, in the MMT worldview, money is a creation of government. And crucially because government is solely responsible for making money, it is also the rightful owner of money.<\/p>\n<figure><figcaption>Sen. Bernie Sanders (I-VT) and Stephanie Kelton in 2015. (Mike Theiler \/ UPI via Newscom)<\/figcaption><\/figure>\n<p>In practice, MMT is a word game for progressives to justify driving up <a href=\"https:\/\/www.washingtonexaminer.com\/opinion\/2967872\/interest-payments-on-the-national-debt-are-exploding\/\" target=\"_blank\" rel=\"noopener\" title>exponential debt growth<\/a>.<\/p>\n<p>\u201cYou could take the National Debt Clock that scares everyone and just rename it the \u2018U.S. Dollar Savings Clock\u2019 and I think everyone would have a very different kind of reaction,\u201d Kelton said in the film. \u201cAnd so I think 95% of the problems that we have getting better policy is probably down to the words we use to describe what\u2019s actually happening.\u201d<\/p>\n<p>Convenient, isn\u2019t it? In Kelton\u2019s telling, our $32 trillion in <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/national-debt\/\" target=\"_blank\" rel=\"noopener\" title>national debt<\/a> does not consist of \u201creal resources\u201d owed, such as <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-inflation-is-only-the-beginning-the-real-problem-is-far-far-worse\/\" title=\"Biden\u2019s Inflation Is Only The Beginning. The Real Problem Is Far, Far Worse.\">net interest payments<\/a> to foreign bondholders or Social Security checks or military aid to Ukraine. Instead, \u201ctheir deficit\u201d is private sector \u201csurplus\u201d because only the government is capable of creating real wealth, according to MMT.<\/p>\n<p>The \u201cdocumentary,\u201d if we can call it that, mocks mainstream Keynesians like Jason Furman, chairman of the White House Council of Economic Advisers for much of former President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/barack-obama\/\" target=\"_blank\" rel=\"noopener\" title>Barack Obama<\/a>\u2018s second term. The film chides Furman for pointing out that public spending indeed crowds out private investments and that increased government deficits push the interest rates on Treasuries higher.<\/p>\n<p>\u201cHow can he say that?\u201d Kelton says in disbelief. \u201cHow can he say that knowing what we have been doing for decades?\u201d<\/p>\n<p>Beyond centuries of empirical <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/economics\/\" target=\"_blank\" rel=\"noopener\" title>economics<\/a>, we can simply point to the past five years, as the annual deficit skyrocketed from fewer than $1 trillion to multiple consecutive years of $2 trillion or higher, and the corresponding and sustained surge of both long-term and short-term Treasury yields.<\/p>\n<figure><figcaption>Stephanie Kelton picks up copies of President Obama\u2019s budget for fiscal year 2016 on February 2, 2015. (Tom Williams \/ CQ Roll Call via Newscom)<\/figcaption><\/figure>\n<p>The doc only mentions MMT\u2019s real-world test, the worst inflationary crisis in 40 years, under Biden, with 17 minutes to spare. That\u2019s when Kelton gives the game away, saying, \u201cYou can actually spend money and reduce inflationary pressures.\u201d<\/p>\n<p>One of Kelton\u2019s fellow travelers, Fadhel Kaboub, president of the Global Institute for Sustainable Prosperity, adds, \u201cIf [inflation is] coming from a shortage from the energy sector, we can reduce our consumption of oil with policies to conserve, drive less, fly less, no fees for public transit, work from home, shorter work weeks, and we can also increase the capacity of that sector to relieve some of the pressure and bottlenecks.\u201d<\/p>\n<p>Though MMT argues that the money itself isn\u2019t a constraint, what about those \u201creal resources\u201d? What if, as now, an economy is operating at full employment?<\/p>\n<p>\u201cThen the resources have to be freed up or created,\u201d Kelton said, graduating from mere socialism to a flirtation with full-on communism. \u201cHow do you do that? I think of Medicare for All as a huge opportunity in this respect. We have the biggest, most expensive healthcare system in the entire world, roughly 18% of U.S. GDP. If we were to transition to a leaner, more efficient form of healthcare delivery, it\u2019s going save us a lot of resources.\u201d<\/p>\n<p>Kelton adds, \u201cEliminating the middle man. Defense, military-industrial complex! And we have this behemoth of a finance sector.\u201d<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/strong><\/p>\n<p>Rather than an ideology with political conclusions that follow, MMT is better understood as a progressive wish list reverse-engineered to explain away and distort economic realities into an incoherent framework. The goal is not even to justify the passage of the Green New Deal, the shared policy aim of all MMT adherents, but rather to collectivize all means of production.<\/p>\n<p>Kelton and company do not care that when put to the real test of the past three years of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/what-to-do-about-the-debt-ceiling\/\" title=\"What To Do About the Debt Ceiling\">multitrillion-dollar deficits<\/a>, inflation has not constrained the deficit, and the Federal Reserve has proven unable to constrain inflation unilaterally. Rather, they care about making the case you that the government is responsible for creating your own prosperity and earnings, and in turn, it is the government that should own the means of production in a way that would make Karl Marx proud.<\/p>\n<\/p><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In an ideal world, Stephanie Kelton, a leading advocate of Modern Monetary Theory, shouldn&#8217;t be a concern. Yet, in reality, Sen. Bernie Sanders appointed Kelton as chief economist, despite her controversial views. Sanders&#8217; choice raised eyebrows as Kelton, a left-wing extremist, chaired the Senate Budget Committee<\/p>\n","protected":false},"author":2693,"featured_media":2241520,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/05\/0914biz_column-1024x591.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2241519","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/wex-s3.s3.us-east-1.amazonaws.com\/wp-content\/uploads\/2024\/05\/0914biz_column-1024x591.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2241519","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2693"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2241519"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2241519\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2241520"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2241519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2241519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2241519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}