L. Randall Wray - Modern Money Theory for Beginners 2018
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2018
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税金の約4分の3は紙幣で支払われ、4分の1は硬貨で支払われました。紙幣を発行する際に議会が課すこの税金は償還税と呼ばれ、法律に明記されています。税は紙幣を償還することです それは紙幣に対する需要を与え、紙幣を戻し、燃やすことで、インフレを引き起こすのを防ぎます 税の目的は、インフレが起こらないように、紙幣のほとんどを外に出すことでした アダム・スミス 1776年はこのことについて書いています 植民地で奇妙なことが起こっています 彼らは紙幣を発行しますが、あまり発行しない限り、その価値を維持します だから税金を使って、紙幣が外に出てインフレにならないようにします 別の例 これは少し違うのですが、大丈夫ですか？
これはヤップ諸島で、経済学者は、原始人が商品である貨幣を使う例として、いつもこれを使います。
ヤップ島にはこのような石はなく、掘っ立て小屋のカヌーで200マイルの外洋を漕いで石を取りに行き、それを彫ってカヌーに載せ、漕いで戻ろうとするとカヌーがひっくり返って海の底に落ちてしまう石がたくさんあるのですが、ヤップ島民は石の財産を考えるとき、底に落ちたものもすべて含めて考えるそうで、それでも石を持っているとわかっているから問題ないのです。つまり、島にはないけれど、多かれ少なかれどこにあるかは知っていて、手に入れることはできないけれど、それは問題ではないということです。とにかく経済学者はこれを原始的なお金だと書いていますが、話の後半は教えてくれません。
当時のドイツの通貨が何だったか知らないが、仮にマルクだとすると、1時間に5マルクを支払って道路を建設する。ヤップ島民は狂ったように彼らを見て、紙切れのために働けと言う。もちろん、ドイツ人は狂ったように彼らを見て、お前たちは金のために働くこともないほど怠惰だ。
それで彼らはドイツの通貨のために働こうとしなかったので、ある聡明な植民地総督は、私たちが何をすべきか分かっている、黒いペンキの缶を持って石の半分くらいに大きな斧を描くと言ったので、彼らはそれをやった。
それは我々のものだ、どうやって取り戻そうか、そうだ、道路を作ろう、と言って、順序を逆にした。しかし、植民地政府の攻撃によって初めてお金に変わったのです。
私の話を信じる必要はありませんが、ここで紹介するビアズリー・ランメルは非常に重要な人物で、ニューヨーク連銀の理事長でした。FRB議長よりも重要なのです。今でもそうですが、私たちはジャネット・イエレンのように装っています。これはFRBのトップ、つまりこちらはFRBの議長と、重要な代表者であった右のパクマンとの間のやりとりです 戦争中、FRBは国債を大量に買って金利をゼロに近づけたんです。
www.DeepL.com/Translator（無料版）で翻訳しました。
this is the Yap Islands and economists
use this as an example all the time of
primitive people using money that is a
commodity so they decided to use these
stone wheels as money to reduce the
transactions costs of barter nobody's
laughing here's how tall they are here's
their coin okay when you want to go to
the market to buy a fat pig you have to
get 10 strong guys you put a log through
here you pick it up and you carry it to
the market and you buy a pig that reduce
the transactions costs it turns out on
the Yap Islands.
they don't have any
stones like this they have to get their
dugout canoes they paddle across open
ocean 200 miles to go get the stone they
carve it they put it on the canoe and
they try to paddle back and a lot of the
stones the canoe flips over.
and they end
up on the bottom of the ocean but when
the Yap Islanders consider their wealth
of stones they include all the ones that
fell on the bottom because it doesn't
matter they know they still have them I
mean they don't have them on the island
but they know where they are more or
less they can't get them but it doesn't
matter.
okay so anyway economist wrote
this up as this is primitive money okay
they don't tell you the second part of
the story.
so the Germans are trying to
colonize the Yap Islands the Germans
want some roads built so they go to the
island you know and they say hey we need
the road built we'll we'll pay you
currency to build the road.
and I don't
know what the German currency then was
but let's say it's the mark you know
well pay you five marks an hour to build
the road the Yap Islanders look at them
like they're crazy say you want me to
work for pieces of paper and of course
the Germans look at them like they're
crazy you guys are so lazy you won't
even work for money.
okay so they
wouldn't work for the German currency so
some bright colonial governor said I
know what we'll do go through with a can
of black paint and paint a big axon
about half of the stones so that's what
they did so they go through they paint a
black X and the Islanders say what's
going on say well we tax those.
okay
those are ours now how can we get them
back say well you build a road so they
reverse the sequence but the tax the tax
turned these into money they were not
money before they were what we call
primitive valuables all tribal society
as primitive valuables they're usually
things that are completely useless and
that's on purpose and then they attach
great ceremonial value to them okay so
this is a typical tribal thing that
Europeans could not conceive of so they
thought they must be money but they were
turned into money only by attacks that
the colonial government put on them okay
again you don't have to believe me
here is Beardsley rummel I'm not gonna
read the whole quote bearsy trauma was
an extremely important person he was the
chairman of the New York Fed they used
the New York Fed used to be called
chairman not president okay that was the
indicate how he was more important than
the chairman of the Fed okay still is
but we pretend like it's Janet Yellen
okay so anyway he writes an article at
the end of the war and the title the
article is taxes for revenue is obsolete
we do not need tax
for revenue we need them for other
purposes we need them to fight inflation
we need them to change people's behavior
so we tax cigarettes and so on we don't
need them for revenue purposes he says
that is what the war taught us and the
people okay how did it teach us that we
were running budget deficits of 25
percent of GDP with no negative impacts
on the economy at all okay here's an
exchange between the head of the Fed so
this one is the chairman of the Fed and
right Pakman who was an important
representative the during the war the
Fed bought lots of government bonds to
keep the interest rate near zero okay
and so here's Pavan how did the
government sorry how did you the Fed get
30:01
as they don't issue too much of it okay
30:04
so you use the taxes to make sure they
30:06
don't stay out there and cause inflation
30:09
another example this one's a little bit
30:13
different okay
30:15
this is the Yap Islands and economists
30:18
use this as an example all the time of
30:20
primitive people using money that is a
30:24
commodity so they decided to use these
30:28
stone wheels as money to reduce the
30:31
transactions costs of barter nobody's
30:35
laughing here's how tall they are here's
30:40
their coin okay when you want to go to
30:43
the market to buy a fat pig you have to
30:47
get 10 strong guys you put a log through
30:51
here you pick it up and you carry it to
30:54
the market and you buy a pig that reduce
30:57
the transactions costs it turns out on
31:02
the Yap Islands they don't have any
31:04
stones like this they have to get their
31:08
dugout canoes they paddle across open
31:10
ocean 200 miles to go get the stone they
31:14
carve it they put it on the canoe and
31:16
they try to paddle back and a lot of the
31:19
stones the canoe flips over and they end
31:22
up on the bottom of the ocean but when
31:25
the Yap Islanders consider their wealth
31:30
of stones they include all the ones that
31:31
fell on the bottom because it doesn't
31:33
matter they know they still have them I
31:35
mean they don't have them on the island
31:38
but they know where they are more or
31:40
less they can't get them but it doesn't
31:43
matter okay so anyway economist wrote
31:47
this up as this is primitive money okay
31:52
they don't tell you the second part of
31:54
the story so the Germans are trying to
31:57
colonize the Yap Islands the Germans
32:00
want some roads built so they go to the
32:03
island you know and they say hey we need
32:05
the road built we'll we'll pay you
32:09
currency to build the road and I don't
32:12
know what the German currency then was
32:14
but let's say it's the mark you know
32:16
well pay you five marks an hour to build
32:18
the road the Yap Islanders look at them
32:21
like they're crazy say you want me to
32:23
work for pieces of paper and of course
32:27
the Germans look at them like they're
32:29
crazy you guys are so lazy you won't
32:31
even work for money okay so they
32:34
wouldn't work for the German currency so
32:37
some bright colonial governor said I
32:40
know what we'll do go through with a can
32:44
of black paint and paint a big axon
32:50
about half of the stones so that's what
32:53
they did so they go through they paint a
32:55
black X and the Islanders say what's
32:58
going on say well we tax those okay
33:02
those are ours now how can we get them
33:05
back say well you build a road so they
33:10
reverse the sequence but the tax the tax
33:13
turned these into money they were not
33:15
money before they were what we call
33:17
primitive valuables all tribal society
33:19
as primitive valuables they're usually
33:21
things that are completely useless and
33:23
that's on purpose and then they attach
33:26
great ceremonial value to them okay so
33:30
this is a typical tribal thing that
33:32
Europeans could not conceive of so they
33:34
thought they must be money but they were
33:36
turned into money only by attacks that
33:39
the colonial government put on them okay
33:44
again you don't have to believe me
33:45
here is Beardsley rummel I'm not gonna
33:47
read the whole quote bearsy trauma was
33:49
an extremely important person he was the
33:51
chairman of the New York Fed they used
33:54
the New York Fed used to be called
33:56
chairman not president okay that was the
33:59
indicate how he was more important than
34:02
the chairman of the Fed okay still is
34:05
but we pretend like it's Janet Yellen
34:08
okay so anyway he writes an article at
34:14
the end of the war and the title the
34:16
article is taxes for revenue is obsolete
34:19
we do not need tax
34:22
for revenue we need them for other
34:23
purposes we need them to fight inflation
34:26
we need them to change people's behavior
34:28
so we tax cigarettes and so on we don't
34:30
need them for revenue purposes he says
34:32
that is what the war taught us and the
34:37
people okay how did it teach us that we
34:41
were running budget deficits of 25
34:43
percent of GDP with no negative impacts
34:46
on the economy at all okay here's an
34:51
exchange between the head of the Fed so
34:55
this one is the chairman of the Fed and
34:56
right Pakman who was an important
35:00
representative the during the war the
35:04
Fed bought lots of government bonds to
35:06
keep the interest rate near zero okay
35:09
and so here's Pavan how did the
35:11
government sorry how did you the Fed get
35:16
the money to buy those two billion of
35:17
government securities 2 billion sounds
35:19
like little now but it was a lot back
35:20
then we created it out of what out of
35:26
the right to issue money credit and
35:28
there's nothing behind it except the
35:31
government's credit well we have the
35:32
government bonds that's right that's
35:34
good was credit in other words the only
35:36
thing you have is another government
35:38
debt okay so we've created money that is
35:41
a government debt and all that stands
35:43
behind it is another government debt so
35:45
they go on
35:46
Patman do you believe that people should
35:48
pay their debts generally when they can
35:51
I think it depends a good deal upon the
35:53
individual but of course if there were
35:56
no debt in our money system there
35:58
wouldn't be any money
36:00
whoops sorry I'm proud to show you there
36:03
wouldn't be any money mr. Patman suppose
36:06
everybody paid their debts would we have
36:08
any money to do business on ok and of
36:12
course the answer is no if everybody
36:15
repaid their debt there would be no
36:16
money mr. Eccles says he sees what
36:21
directions I says that's correct in
36:22
other words our system is based entirely
36:25
on debt ok yes it is
36:29
or finally here's Bernanke the
36:35
the Fed lent and spent about 34 trillion
36:41
to save Wall Street 34 trillion dollars
36:46
so he's interviewed on 60 minutes is
36:48
that tax money the Fed is spending you
36:50
notice is virtually identical to what
36:53
was asked at the end of World War two
36:55
it's not tax money we simply use the
36:59
computer to mark up the size of the
37:02
account if they have somebody at the Fed
37:06
who has a finger that is how they do it
37:11
keystrokes it's just keystrokes that's
37:15
how you do it okay I think I'm gonna
37:22
skip over some history of thought here
37:26
implications fiat money is not worthless
37:29
it's valuable due to the state's promise
37:32
to redeem it in payments to the state
37:34
you can find this in the economic
37:37
literature the very best place to start
37:41
is with a Mitchell Ennis who was the
37:44
Queen's ambassador to Washington he was
37:47
an autodidactic he wrote something on
37:49
beekeeping and then he wrote the two
37:51
best articles ever written on money okay
37:54
how we figured it out I have no idea
37:57
Keynes reviewed it and said we might
37:59
quibble with some of the details but the
38:02
argument is sound okay money and dad are
38:06
linked debts are denominated in the
38:08
state money of account my professor
38:10
Minsky used to always say anybody can
38:12
create money the problem is to get it
38:14
accepted creating money is a matter of
38:16
writing I owe you five dollars your
38:18
problem is to get somebody to accept
38:20
that now banks have an easy time you
38:23
have a harder time all monies are
38:26
created as liabilities are the issuers
38:28
and here's the key point that Ennis
38:30
makes all issuers must accept their own
38:34
liabilities back in payment if you
38:36
refuse to accept it you have defaulted
38:39
why was the Bank of England created the
38:43
king defaulted on his tally sticks
38:46
one of the King George's I don't
38:48
remember which number he defaulted on
38:50
his tally sticks so they had to create
38:52
the Bank of England because nobody
38:55
trusted that King anymore okay he
38:58
refused to accept back his own tally
38:59
sticks in payment all money is credit
39:03
money the state money approach might
39:06
appear to be inconsistent with the
39:08
credit money approach but even state
39:11
money is credit money the state's money
39:14
is the government's debt the
39:16
government's IOU and they must accept it
39:19
back in payment Redemption then means
39:21
delivering an IOU in payment to its
39:24
issuer all right it doesn't matter
39:30
whether the IOU is printed on a gold
39:33
coin or printed on paper it's an IOU
39:38
okay it doesn't need to have any
39:42
intrinsic value or not but even if it
39:45
does it is still an IOU
39:50
so sovereignty is a set of institutions
39:53
there are many other aspects of
39:55
sovereignty but the important one for
39:57
money is that the sovereign has the
40:00
power to impose fees fines taxes and to
40:03
a name what it will accept in payment of
40:06
those obligations to the state when the
40:09
fees fines and taxes are paid the
40:10
currency is redeemed its accepted back
40:13
by the sovereign issuer some sovereigns
40:17
also agree to redeem their io u--'s for
40:21
gold when you're on a gold standard but
40:24
that's not necessary now we know it's
40:26
not necessary because we gave it up a
40:29
long time ago skip through that so in
40:37
almost all religions debt is a sin but
40:40
being a creditor is an equal sin okay so
40:45
your sinful on either side of the
40:47
equation the debts are paid by
40:51
delivering back an IOU to the issuer's
40:54
that is what we call Redemption these
40:57
terms of course came from religion
40:59
because
41:00
money came out of the temples so it's
41:03
not a coincidence that many of the terms
41:05
we use when we talk about money are
41:09
terms we use when we talk about religion
41:12
I'm gonna say you can read this slide on
41:14
your own which comes first creation or
41:18
redemption you've got to create first
41:23
before you can redeem if you aren't in
41:26
debt you can't redeem yourself
41:30
Redemption can't come first debt has to
41:34
come first government has to spend first
41:39
which is getting him the government
41:42
itself in debt before the government can
41:44
redeem itself collect back in taxes the
41:48
colonial governments had to spend the
41:49
notes before they can collect them they
41:52
have to be in sinful debt before they
41:54
can be redeemed this is true for
41:56
everybody
41:56
government bank household you can't
42:00
redeem your debts until you have created
42:03
the debts so how does the government
42:06
really spend okay things are more
42:11
complicated than they used to be our
42:14
government does not spend paper money
42:19
into existence the paper money is issued
42:23
only because you go to an ATM machine
42:26
and make withdrawals our government
42:30
doesn't spend the way the government's
42:31
always had spent in the past why because
42:36
there are two things in between you and
42:42
the government one is your bank and the
42:46
other is the government's bank which we
42:48
call the central bank okay so you are
42:52
what do you say three degrees of
42:55
separation away from the government the
42:59
government imposes a tax on you but you
43:02
pay taxes by writing a check or
43:05
electronic deduction from your bank
43:07
account
43:09
the central bank D Ducks your bank's
43:16
reserves and credits the Treasury's
43:20
account at the central bank when the
43:23
Treasury wants to spend it cuts a check
43:26
when you deposit it in your bank your
43:29
bank credits your account sends the
43:31
cheque on to the Fed the Fed credits
43:34
your bank's reserves and then debits the
43:38
Treasury's account at the central bank
43:41
okay so it's more complicated and it's
43:45
more complicated than that because we
43:47
have a whole bunch of what are called
43:49
tax and loan accounts and special
43:50
depositories and so on and so on and so
43:52
on that complicates the procedures and
43:56
makes it a lot harder to see how things
43:58
actually work but the logic remains it's
44:02
still the same you can't deduct reserves
44:04
from banks unless they have them they
44:07
can only get them from the government so
44:10
the government either has to spend or
44:13
lend the reserves before the banks can
44:16
have their reserves debited when you
44:18
make your tax payments all the logic
44:21
remains one of the first things that mmt
44:23
did was to get into the details of how
44:27
everything operates today which I can
44:29
tell you no economist knew none before
44:33
we looked into it now of course there
44:36
were people at the Treasury and the Fed
44:37
who knew because they had to do it okay
44:40
but academic economists had no idea how
44:43
the government really spent some of our
44:45
earliest articles 20 years ago were how
44:47
does the government really spend so we
44:50
have gone through all the details and
44:51
we've done it for other countries too
44:53
and it's the same okay I mean minor
44:55
detail changes but otherwise it's the
44:58
same policy implications government
45:01
cannot go bankrupt in its own currency
45:05
it can issue more through keystrokes it
45:08
can make all payments on government
45:10
bonds through keystrokes okay you don't
45:15
take that money away from taxpayers as
45:17
Bernanke explained how did they spend
45:20
and Len
45:22
thirty four trillion dollars to save
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