2022年2月19日土曜日

2022/02 ケルトン出演podcast予告 The Problem With Jon Stewartさんのツイート

2022/02 ケルトン出演podcast予告 The Problem With Jon Stewartさんのツイート





i did an interview with a gentleman named thomas honig who uh i guess was chairman of the kc fed and uh he had been voting no on quantitative easing from the fed which is their policy of of of pumping a good deal of money in into the economy and he and i had a spirited discussion where i uh without the knowledge of economics or the language of economics or the verbiage of economics was trying to understand uh why the fed can just bring this money cannon uh to corporate america and not also maybe let, as we say in the old neighborhood let the people have a taste but a little taste a little something from the money cannon. i guess i'm confused as if we can print money you just said we're the only we can buy an asset okay any asset by printing money that is weird but you can't pay debt by printing money you can buy that by printing money so why don't you just buy back our debt well because all you're doing is i feel like i feel like you're having trouble it's like talking to a monkey no you're like talking to a monkey and trying to understand how do i communicate with this monkey no no i don't know what to do no no it i totally i totally get it's confusing. and stephanie and rowan were lovely enough to uh comment on it on the internet in in a long chat form which made me think that neither of you has a fulfilling life because this is the part now we get to it how did this how did any of this come to your attention and and uh explain to me how this came about? 
 Kelton:
 so i you know i listen to the podcast and i'm on twitter rowan's on twitter. and there was quite a bit of chatter about this you you guys pushed some buttons but you didn't push the buttons. that were pushed for me and i think for rowan. we were on the wrong buttons. no no no i think that a lot of uh the interest in some of the commentary was surrounding you know the impact potential impact of the fed's quantitative easing program on inequality but i wanted to take up a different part of the conversation and i listened to the whole podcast. and then i felt very sad and.

wow that's that's our goal.

anytime you can listen to the whole podcast and feel sad i've done my job. misery loves company so i reached out to rowan and i said i feel very sad and i would like you to experience the sadness with me would you listen to it together.

 i'm going to give you guys a chance to unsadden yourselves by telling me what what i was getting wrong there and and where you thought the conversation should have gone what was it that that saddened you both as you were listening to me talk about uh fed policy with with thomas owning?

Kelton:
 well i i don't think it was so much listening to you it was the missed opportunity of what you could have potentially pulled out of him had he given you i think you know more candid answers frankly. to the questions yeah okay and so they felt like missed opportunities but you were clearly on to something and you were asking probing questions and you're not a monkey. you're not a monkey john you had him you had him yeah i had him on the ropes but he didn't want to be as forthcoming as as both of us think that he should and could have been. 
R:
 yeah i mean i think the starting point is that um we often think of the fed as the sort of only institution in the federal government that has any monetary firepower right it's the sort of printing press it's the one that can do anything in a crisis but the reality is and i think covert has done a great job of demonstrating this that it's the fiscal firepower it's the budget side of things that really has the power to um actually save you know real people's incomes save industries to invest. and one of the big questions is if we accept that we can do things with the budget and we should be what is the role of the fed and how do they relate to each other and when it comes to things like protecting financial markets from having a liquidity crisis or regulating financial institutions yeah it makes sense the federal reserve might be the place you look to. but when you look at what the fed is doing when we say sort of fed injected trillions of dollars into the economy one of the things that it's doing is buying up assets. so the first thing to think about is there's always two assets involved there's the sort of money that goes in and there's whatever's coming back out going to the fed so if somebody said to me hey you've got trillions of dollars but all you can do is buy other dollars that's going to be very useless to me if i'm trying to protect homeowners or people who've lost their incomes so then the question i think we have to ask ourselves when we look at what the fed does with quantitative easing is what is it buying up.




私はトーマス・ホーニッヒという紳士にインタビューしました。彼はおそらくKCFの議長で、経済に大量の資金を投入する政策であるFRBの量的緩和に反対票を入れていました。彼と私は、経済学の知識も経済学の言語も経済学の表現もない私が、なぜFRBがこのマネーキャノンをアメリカの企業にだけ持ってきて、そうさせないのかを理解しようと、活発に議論しました。国民にお金の大砲の味を、少しばかり味あわせてやるのです。私たちはお金を印刷することができます。私たちはお金を印刷して資産を買うことができます。って感じなんだけど、猿と話してるみたいで、いや、猿と話してるみたいで、どうやったらこの猿とコミュニケーション取れるのか、いやいや、どうしたらいいのか、いやいや、すごくわかるよ、混乱するよね。そしてステファニーとローワンはそのことについてネット上で長いチャット形式でコメントするほど素敵な人たちでした。
 Kelton:
 私はポッドキャストを聴いているし、ロワンのツイッターも見ているのですが、この件に関してかなり話題になりました。しかし、私は会話の別の部分を取り上げたいと思い、ポッドキャスト全体を聴きましたが、とても悲しい気持ちになりました。

それが私たちの目標です。

だから、ローワンに連絡して、私はとても悲しい気分だから、その悲しみを一緒に味わってほしいって言ったの。

 そして、その会話はどこに向かうべきだと思ったのか。私がトーマス・オウニングと連邦政府の政策について話しているのを聞いていて、あなた方が悲しくなったのは何だったのか。

Kelton:
 そうですね......あなたの話を聞くことよりも、彼から何を引き出せたかという機会を逸したことだと思います......率直に言って、彼がもっと率直な答えを出していれば......そうですね、それで、機会を逸したように感じました。でもあなたは明らかに何かをつかんでいて、鋭い質問をしていた。
R:
 しかし、現実には、財政的な力、つまり予算面において、実際に人々の所得を救う力があり、投資する産業を救う力があるのだということを、私はカバーットが見事に証明してくれたと思います。流動性危機から金融市場を守るとか、金融機関を規制するとかいうことであれば、連邦準備制度に目を向けるのは理にかなっていると言えるでしょう。しかし、連邦準備制度が何をしているかを見てみると、連邦準備制度が経済に何兆ドルも注入しているのは、資産を買い上げていることです。だから、まず最初に考えるべきことは、常に2つの資産が関わっているということだ。

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