Printing Money Doesn’t Work
Wreckless spending and the onset of the coronavirus pandemic have plunged the globe into $250 trillion in debt. Problem is, there is only about $50 trillion in coins and currency. And, the United States is taking on more debt during the crisis than any other country. So, what gives?
Economist Danielle DiMartino Booth says, “We’re being told that it’s all going to be fine, because you can just have the Federal Reserve finance all debt that’s being taken on.” But the consequences could be devastating. “I always adhere to (Milton Friedman’s) philosophy that there’s no such thing as a free lunch,” she says. “You can buy time. God knows we’ve seen a lot of time purchased but not paid for. So, yes, I think there will be ramifications.” Tune in to Valuetainment with Patrick Bet-David and Booth for more.
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