It’s bad enough that the Biden administration has convinced a generation of young Americans that tens of billions of dollars of their debt can just disappear with no effect because the debt didn’t really exist, anyway, but the Chair of Biden’s Council of Economic Advisor’s being unable to sound coherent when asked why the government borrows money when it can print more really brings the bonfire into the house:

In fairness, it is a complex question that could be answered from multiple perspectives, but one gets the impression Bernstein doesn’t know because it’s not important to know.  The primary means by which the government (in the form of the Fed) prints money is buying securities with fictional dollars.

The economy isn’t going to be pretty when everybody stops trusting that the fiction is backed by good faith.