The economy is not a 'magic point of plenty' where goods and services simply appear; instead, goods and services must be actively produced through labor and effort, and without production, the economy will grind to a halt regardless of monetary policy.
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The Magic Horn of PlentyAdded:
But this notion though that you know you can just sort of send checks out everybody and and things will be fine is not [music] true obviously.
Uh there's some people have this absurd like uh view that the economy [music] is like some magic point of plenty.
Like it just makes [music] stuff.
Stuff you know whatever it just there's a magic point of plenty and the goods and [music] services they just come from this magic point of plenty and then if >> [music] >> like if somebody has more stuff than somebody else it's cuz they took more from this magic point of plenty.
Now let me just break it to you the fools out there. [music] If you don't make stuff there's no stuff.
Yeah.
So >> [music] >> you don't make the food, you don't process the food, you don't transport the food and and what the >> [music] >> whatever medical treatment getting getting >> [music] >> teeth fixed there's no stuff.
They would become detached from reality.
And you [music] you can't just legislate money and and solve these things. If you don't make stuff there is no stuff.
Obviously.
>> [music] >> It will run out of the stores.
Run out of the It's called the machine just grinds to [music] a halt.
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