Filipe Martinho on Nostr: Heard an incredible little story on breedlove22 "what is money" podcast with Bob ...
Heard an incredible little story on
breedlove22 (npub15vz…k4um) "what is money" podcast with Bob Murphy: During the 2008 financial crisis, government officials & the federal reserve chair at the time, Ben Bernanke, met with AIG to discuss a possible $85 billion dollar bailout. During that discussion, a member of government reportedly asked Bernanke "where's the 85$ billion coming from? Whose budget will be affected?" - to which Bernanke responded "we're the Federal Reserve, we can come up with $850 billion if necessary". This short story highlights how little even politicians know about how our current money system works. Reminds me of the eternal discussion - don't attribute to malice what can be simply explained by ignorance. Is it malice, or is it ignorance? Also crazy to think that Bernanke's mention of $850 billion was obviously meant as an exaggeration, but 15 years later, seeing the >$6 trillion of covid stimulus just in US, $850 billion is just peanuts, it won't get the stimulus job done. And in 15 years, $6T will look like peanuts too!
Published at
2023-12-09 11:57:04Event JSON
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"content": "Heard an incredible little story on nostr:npub15vzuezfxscdamew8rwakl5u5hdxw5mh47huxgq4jf879e6cvugsqjck4um \"what is money\" podcast with Bob Murphy: During the 2008 financial crisis, government officials \u0026 the federal reserve chair at the time, Ben Bernanke, met with AIG to discuss a possible $85 billion dollar bailout. During that discussion, a member of government reportedly asked Bernanke \"where's the 85$ billion coming from? Whose budget will be affected?\" - to which Bernanke responded \"we're the Federal Reserve, we can come up with $850 billion if necessary\". This short story highlights how little even politicians know about how our current money system works. Reminds me of the eternal discussion - don't attribute to malice what can be simply explained by ignorance. Is it malice, or is it ignorance? Also crazy to think that Bernanke's mention of $850 billion was obviously meant as an exaggeration, but 15 years later, seeing the \u003e$6 trillion of covid stimulus just in US, $850 billion is just peanuts, it won't get the stimulus job done. And in 15 years, $6T will look like peanuts too!\nhttps://image.nostr.build/2a0436adb64a037572cf147957965cb6981e451bb50bdc3271c193877de4c16a.jpg",
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