BlackRock's Fink: Modern Monetary Theory Is 'Garbage'

Mar.07 -- Laurence Fink, chairman and chief executive officer at BlackRock, discusses China's demand for U.S. Treasuries, modern monetary theory, and why deficits matter. He speaks with Bloomberg's Erik Schatzker from the BlackRock Wealth Symposium in Zurich on "Bloomberg Surveillance."

[genecat]

It's heartbreaking he forgot that deficit spending saved BlackRock.

[urbanverificationist]

Fink is living proof that the Peter Principle is alive and well. This man as gone way beyond his level of competence.

[Poochie]

For a guy that is the CEO of a company managing trillions of USD, he is very confused.

[libertarianPinoy]

MMT = deficit spending is not a bad thing until it is.

[jackmadden]

Love how he says "deficits are bad" but also says "taxes are bad" basically saying "no government." Not to mentions US has this massive deficit because of it bailing out wall street billionaires like him.

[blakelewison]

Construction workers give more value to society than any of these so called business leaders. Why do we take these people seriously?

[spiritofgoldfish]

Today, commercial banks have the privilege of creating money as credit. They oppose governments creating their own money, because that would make economies less dependent on bankers and bondholders. Opposing Modern Monetary Theory (MMT), banks and bondholders demand that governments finance their budget deficits by borrowing at interest instead of simply creating their own money by fiat.

Michael Hudson. The Destiny of Civilization

[juntopodcast]

I was like am I an idiot or is this word salad, I'm pleased to see these comments lol.

[doggingnoob]

I am not an MMTer but he said “modern monetary theory is garbage” then demonstrated he doesn’t understand it, and then said something that is consistent with MMT. Of course deficits matter :’)

[nohopeequalsnofear]

Fink thinks any taxes on billionaires is a rancid idea

[laminekongere]

I once watched a video where Larry says it took him 3 years to grasp the concept of indexing... Maybe we should cut him some slack while he fully absorbs the principles & Benefits of MMT....

[Chuckom]

What does Fink mean no one is talking about US deficits? Jim Rogers, Peter Schiff, Jeff Gundlach etc. The problem is everyone who has screamed from the rooftop about deficits is largely written off as a kook and ignored.

[crobinson]

America has been adopting Modern Monetary Theory for almost 20 year. America has been deficit spending since George W Bush was in office and the last President to have a balanced budget was Clinton. If America was serious and I mean truly serious about being “fiscally responsible” Congress would raise taxes on the wealthy adopt a 70% marginal tax rate, adopt Medicare for all system, because single payer health care saves the system estimated between 2 and 5 trillion over 10 years. Cut America’s Defence spending in half including closing half of America’s military bases abroad, and close the tax loopholes, and put an end to corporate welfare in the country.

[ryanjeanes]

He probably thinks it's garbage because it doesn't benefit him personally.

[CaelestsFilius]

If deficit is such a problem, is he volunteering to pay higher rates?

[raekm]

4:47 And that child is the Baby Hitler of Debts. Everybody finds it cute now

[DonVoghano]

Funny thing is that deficits grew most under the tenure of these deficit hawks with all their tax cuts to themselves and austerity for everyone else... It's like watching firemen who spray diesel onto fires and then complain that the flames are getting worse, most likely due to irresponsible homeowners having too much furniture.

[MichaeldeSousaCruz]

This guy proves that you don’t have to be smart to make a lotta dough... 😂 what a fool

[call-]

Modern monetary theory restricts spending based on the available labor, not just when you see harm in the economy. If Fink watched one Stephanie Kelton video in its entirety, how would have a better grasp than he has now.

[idikyurgerl]

no one talks about deficits with regards to bank bailouts and Billionaire tax cuts 🤔