Diz o negócios.pt
Comentário: Antes da criação dos Bancos Centrais e o fim do padrão ouro, não existia inflação e ninguém tinha de se preocupar com o nível "apropriado das taxas de juro". E afinal de conta o que é a taxa de juro?:
Diz Mises:
"Originary interest is the ratio of the value assigned to want-satisfaction in the immediate future and the value assigned to want-satisfaction in remote periods of the future. It manifests itself in the market economy in the discount of future goods as against present goods. It is a ratio of commodity prices, not a price in itself."
"Originary interest is not "the price paid for the services of capital." The higher productivity of more time-consuming roundabout methods of production which is referred to by Bohm-Bawerk and by some later economists in the explanation of interest, does not explain the phenomenon. It is, on the contrary, the phenomenon of originary interest that explains why less time-consuming methods of production are resorted to in spite of the fact that more time-consuming methods would render a higher output per unit of input."
"People do not save and accumulate capital because there is interest. Interest is neither the impetus to saving nor the reward or the compensation granted for abstaining from immediate consumption. It is the ratio in the mutual valuation of present goods as against future goods.
The loan market does not determine the rate of interest. It adjusts the rate of interest on loans to the rate of originary interest as manifested in the discount of future goods."
Se a taxa de juro resulta da preferência entre bens actuais e bens futuros, e essa preferência pertence às pessoas, como pode ester ser manipulado, aumentado, diminuido? Pode o gosto (e a sua procura) por sapatos pretos ser apropriado ou não? Pode o preço relativo, ou rácio de troca entre sapatos pretos e café estar desajustado para "sustentar a retoma da economia? A verdade é que com a nacionalização do dinheiro apareceu (na verdade, limitaram-se a acabar compulsivamente com a prática desde o início dos tempos de usar a moeda ouro como meio de troca. Razão principal? A necesssidade de obter receitas "públicas" pelo "counterfeiting" do papel moeda - uma prática que no sector privado é classificado como crime) também a crença que:
"The economy is treated as a potentially workable, but always troublesome and recalcitrant patient, with a continual tendency to hive off into greater inflation or unemployment. The function of the government is to be the wise old manager and physician, ever watchful, ever tinkering to keep the economic patient in good working order. In any case, here the economic patient is clearly supposed to be the subject, and the government as "physician" the master.
It was not so long ago that this kind of attitude and policy was called "socialism"; but we live in a world of euphemism, and now we call it by far less harsh labels, such as "moderation" or "enlightened free enterprise." We live and learn."
"Economic Depressions: Their Cause and Cure", Murray N. Rothbard
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