June 9, 2023

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Can the United States end up like Venezuela? Thus says Chancellor Elon Musk

During his administration, President Joe Biden made it clear that his priority was inflation, especially in an increasingly challenging economic environment, adding external factors to the country that had severely affected his performance.

Biden argued that some “roots of inflation” were not “(his) control”, referring to the effects of the Kovit-19 epidemic or the effects of Russia’s war on Ukraine. His news is known at a time when petrol prices have reached a new record.

Despite his apparent commitment, inflation continues to be a concern for North American residents. Inflation was 8.3%, two points lower than the 8.5% in the 12 months ending last March, according to a recent report by the Department of Labor Statistics.

Undoubtedly, penetration into the business world is an issue. In Chapter # 69 All-in-one podcastThe star guest was President Elon Musk, who used the space to mention the subject, After a driver asked him his opinion on the controversy surrounding Jeff Bezos’ response to a drill released by the US president.

“The newly formed misinformation board should review this tweet, or they should form a new team No. Instead. Increasing taxes on companies is good to discuss. Controlling inflation needs to be discussed. Mixing them up is misguidance, “the billionaire said, responding to Pitton’s call for big companies to” play their fair share “.

Biden, the owner of Tesla Motors, bluntly mentioned the management and promised that his management would have a lot to do with the current state of the US economy.

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“That is, the obvious reason for inflation is that the government has printed more money than it has.” During the episode, Musk promised that the government would not issue cash or checks above real income without leading to inflation.

“Therefore, if more dollars are generated in the economy than the increase in production of goods and services, then there is inflation,” he pointed out. Similarly, he stressed that this is the basic concept of the economy.

During his speech on ShowIt is broadcast via the official YouTube channel All-in-Podcast, Citing the example of Venezuela, Musk stressed that this is not the first time the world has seen what uncontrolled cash flow creates.

“Have you seen Venezuela?” He asked the presenters of the show and the audience who followed the broadcast closely. “Venezuela’s poor have been trampled by their government,” he added.

Biden, the owner of Tesla Motors, bluntly mentioned the management and promised that his management would have a lot to do with the current state of the US economy. – Photo: Photos: (Liesa Johannssen-Koppitz / Bloomberg via Getty Images) and (Getty Images / Alex Wong)

In the same line, The Chancellor stressed that it would be a bad idea to continue ‘printing’ resources as stabilizing inflation and strengthening the economy would have the opposite effect of being sought. Faced with this situation, Musk said it appears that it is too easy to disburse and release money and does not evaluate the consequences.

“If the government can release a huge amount and keep it, deficits are not a bar. Why shouldn’t we increase the deficit a hundredfold?” He said in his speech.

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The entrepreneur used the platform to express his concern about the value of the dollar if it continued on this path: “Basically it will make the dollar worthless,” he concluded.

Last especially, He recalled that the economy goes beyond money, especially physical money, as the real economy is very important and is found in the production of goods and services, while money is only a transactional tool.