{"id":116522,"date":"2022-05-18T08:23:10","date_gmt":"2022-05-18T12:23:10","guid":{"rendered":"http:\/\/stateofthenation.co\/?p=116522"},"modified":"2022-05-18T08:40:02","modified_gmt":"2022-05-18T12:40:02","slug":"the-real-president-is-whoever-controls-the-teleprompter","status":"publish","type":"post","link":"https:\/\/stateofthenation.co\/?p=116522","title":{"rendered":"

“The Real President Is Whoever Controls The Teleprompter”<\/h2>"},"content":{"rendered":"

“The Real President Is Whoever Controls The Teleprompter”: Musk Delivers Scathing Criticism Of Biden<\/strong><\/h1>\n

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Authored by Jack Phillips via The Epoch Times,<\/em><\/a><\/p>\n

Tech billionaire\u00a0Elon Musk<\/a>\u00a0this week warned that the United States must take steps to address inflation or it will end up like socialist Venezuela.<\/p>\n

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Musk, who is currently in the process of acquiring Twitter, told a virtual conference that he believes the government has printed too much money in recent years.<\/p>\n

\u201cI mean, the obvious reason for inflation is that the government printed a zillion amount of more money than it had, obviously,\u201d<\/strong><\/em>\u00a0Musk said, likely referring to COVID-19 relief stimulus packages worth trillions of dollars that were passed in recent years.<\/p><\/blockquote>\n

U.S. inflation rose by 8.3 percent in April, compared with the previous year. That\u2019s slightly lower than the 8.5 percent spike in March, but it\u2019s still near the 40-year high.<\/p>\n

\u201cSo it\u2019s like the government can\u2019t \u2026 issue checks far in excess of revenue without there being inflation, you know, velocity of money held constant,\u201d the Tesla CEO said.<\/em><\/p>\n

\u201cIf the federal government writes checks, they never bounce. So that is effectively creation of more dollars. And if there are more dollars created, then the increase in the goods and services across the economy, then you have inflation, again, velocity of money held constant.\u201d<\/strong><\/em><\/p><\/blockquote>\n

If governments could merely \u201cissue massive amounts of money and deficits didn\u2019t matter, then, well, why don\u2019t we just make the deficit 100 times bigger,\u201d Musk asked. \u201cThe answer is, you can\u2019t because it will basically turn the dollar into something that is worthless.\u201d<\/p>\n

\u201cVarious countries have tried this experiment multiple times,\u201d Musk said.<\/p>\n

\u201cHave you seen Venezuela? Like the poor, poor people of Venezuela are, you know, have been just run roughshod by their government.\u201d<\/strong><\/p><\/blockquote>\n

In 2018, Venezuela, a country with significant reserves of oil and gas, saw its inflation rise more than 65,000 percent amid an economic crash that included plummeting oil prices and government price controls. The regime of Nicolas Maduro then started printing money, thereby devaluing its currency, which caused prices to rapidly increase.<\/p>\n

During the conference, Musk also said the Biden administration \u201cdoesn\u2019t seem to get a lot done\u201d and questioned who is actually in charge.<\/strong><\/p>\n