we simply use the computer to change the
numbers in the balance sheet so if we
need to lend money to goldman and aig
and whatever
we have a computer at the new york bed
and somebody types in some numbers and
all of a sudden
there's new money created as a
consequence of spending now
shake your head because it sounds crazy
only that's how
all government spending works he's not
saying
we're trying this new thing out and
we're going to use the computer
this is how modern money works we are
not on a gold standard
anymore this is how it all actually
works one more example because it's
empowering and then i
either turn into bill where we go to q a
okay one more example
years ago green spanish chairman of the
federal reserve
alan greenspan is testifying before
congress
under oath as chairman of the fed and
he's posed a question by congressman
paul ryan
and congressman ryan is trying to get
social security
partially privatized and he wants alan
greenspan he wants to tee up a
nice softball pitch that greenspan can
just
knock out of the park so he asks
greenspan
to agree with him on the following so
ryan says
wouldn't you agree with me that now is
the time to begin to move towards a
system of
personal savings accounts that is code
for
privatizing social security shouldn't we
begin to move to a system of personal
savings accounts
because as we all know the system is
unsustainable it's going broke we're
going to have to make major changes so
forth and so on
and ryan ends the question and alan
greenspan
leans into the microphone and he
delivers
paul ryan's worst nightmare
and it was great and you can youtube and
he says
well i wouldn't say that social security
is
unsustainable as it's currently
configured
there's nothing to prevent the federal
government from creating as much money
as it wants
and paying it to someone
that's a look from al greenspan and
that's the part that should be obvious
but it is an obvious but that's the part
that should be obvious
we can always mail the checks we got the
we got the printing press
we can always make good on every promise
to every retiree today tomorrow and into
the indefinite
future we can always do that but then
greenspan made the really important
point
this is the point that people in the
community and the activist organizations
need to understand here's what greenspan
then goes on to say
the question is how do you set up a
system
which ensures that the real assets are
created
that those benefits are employed to
purchase
it's a direct quote and it's greenspan
so i have to translate
so what he's saying is we know that we
have demographic changes taking place
the baby boomers are moving into
retirement
women are having fewer children they're
going to be fewer workers left behind
producing things that are going to be
needed by everyone in the economy so
greenspan says
how do you set up a system that ensures
the real assets are created that those
benefits are employed to purchase what
he's saying is
how can you make sure that we're going
to be productive enough economy
in the future to make sure that when we
send the checks out
as promised in whole without cuts that
there's enough
stuff for everybody to have some to
consume
without generating inflationary
pressures without causing us
all to compete for a shrinking pool of
actual
output and the way and that's the right
answer and that's the debate that we
should be having
we shouldn't be talking about whether we
can afford this and that where are we
going to find the money we
know that it's not about financial
affordability the debate we should be
having
on the social security side is what
greenspan is saying
what can we do today what can
policymakers do today
to help ensure that 10 years 15 years 25
years from now
the u.s economy is productive enough to
allow us to enjoy a rising standard of
living
to allow us to have everybody have a
better and better
life going forward when we know we're
going to have fewer workers in the
workforce
and more retired people to care for what
are the investments that we can make
in our infrastructure in education in
research and development and technology
in all these what would you be doing
today if you were trying to plan
for an economy that you want and need to
be
more productive in the future and that's
where the debates
should almost always be focused on real
resource use
on real constraints in the economy if if
the real resources are available
the financial resources can always be
deployed
to achieve broader macroeconomic and
political and social
goals it's not about how are you going
to pay for it in financial terms
it's about how are you going to pay for
it in real terms do you have the people
do you have the raw materials do you
have a spare capacity if we want to do a
trillion dollars of infrastructure
investment
we can have the money to pay for it do
we have the skilled labor
do we have the capacity the excess
machine tools and
so forth that we need those are the
constraints
in an economy in a modern era like the
united states government not the
financial constraints so
i just say
remember that when we're talking
greenspan
So MMT theorists argue that mere money creation cannot be the cause of inflation. It must be something else.
Japan carries a huge debt-to-GDP ratio — because of its government spending deficits — yet has no inflation. Goldman Sachs Global Investment Research and Jordà, Schularick, Taylor (2017), IMF, World Bank.
The alternative is squeezing the economy in order to balance the government's books. And that makes no sense if the government has the ability to create new cash and wipe away its deficits anytime it wants, without raising taxes.
The US runs a deficit most of the time and it has no significant inflation. Its Treasury bills are highly rated, too. Andy Kiersz/Business Insider
The bias against deficits makes no sense, MMT advocates say
MMT experts claim these cases demonstrate the risks of conventional economic policy and its aversion to deficits — sluggish growth, rising inequality, long-term debt with crippling interest payments, and the perpetual risk of economic collapse.
This chart shows actual European GDP growth (solid lines) and the implied trend of GDP growth at various points in time (dotted lines). The 2008 recession caused GDP to dip, but deficit reduction policies enacted after that period kept growth on a permanently lower track. Oxford Economics
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