Comentário: a dívida pública resulta de défices orçamentais acumulados, a conclusão nesta citação de que "In other words, a budget deficit implies some combination of bond finance and inflationary finance" deve também ser complementada com a realidade de que os bancos centrais compram dívida pública (e também dívida privada) e financiam as compras efectuadas pelos Bancos (cuja diferença entre as taxas constitui uma autêntica renda inflacionista a favor do sistema bancário), ambas as operações resultam de emissão de moeda.
A tendência histórica observada para a auto-destruição progressiva (ainda que o prazo seja longo) das moedas-papel [ver: Paper Money Collapse] assenta na evidência que os regimes políticos preferem sempre arranjar desculpas para sucessivas fugas para a frente de inflacionismo a ter que enfrentar uma combinação de falências bancárias, empresas e de Estados. Lembrar os comentários de Cavaco Silva, ou hoje de De Grauwe: "Medo infundado" da inflação está a condicionar o BCE., e a contínua compra de dívida pública pelo BCE, FED e BoE.
Via FreeBanking
"Unpleasant monetarist arithmetic
During the early 1980s a group of economists then at the University of Minnesota
and the Federal Reserve Bank of Minneapolis, Thomas J. Sargent, Neil Wallace,
and Preston Miller, spelled out a worrisome potential connection between the
growth of government debt and the resort to inflationary finance. Their basic
message was that the ability to finance government spending with borrowing will
eventually hit a ceiling, leaving money-creation the only method left for
covering continued budget deficits. The resulting inflation cannot then be
stopped, because money-creation cannot be stopped, unless there is a fiscal
reform: “the monetary authority is forced to create money” to satisfy a
need for seigniorage revenue.
In a much-discussed 1981 article entitled “Some Unpleasant Monetarist
Arithmetic,” Sargent and Wallace asked their readers to consider a fiscal and
monetary regime in which the fiscal authority (say, the Congress) first
announces the path of future budget deficits. By rearranging the budget
constraint, we see that the size of a budget deficit (G – T) must be matched
by the sum of new borrowing and monetary expansion:
G - T = ΔD + ΔM.
In other words, a budget deficit implies some combination of bond finance and
inflationary finance."
A tendência histórica observada para a auto-destruição progressiva (ainda que o prazo seja longo) das moedas-papel [ver: Paper Money Collapse] assenta na evidência que os regimes políticos preferem sempre arranjar desculpas para sucessivas fugas para a frente de inflacionismo a ter que enfrentar uma combinação de falências bancárias, empresas e de Estados. Lembrar os comentários de Cavaco Silva, ou hoje de De Grauwe: "Medo infundado" da inflação está a condicionar o BCE., e a contínua compra de dívida pública pelo BCE, FED e BoE.
Via FreeBanking
"Unpleasant monetarist arithmetic
During the early 1980s a group of economists then at the University of Minnesota
and the Federal Reserve Bank of Minneapolis, Thomas J. Sargent, Neil Wallace,
and Preston Miller, spelled out a worrisome potential connection between the
growth of government debt and the resort to inflationary finance. Their basic
message was that the ability to finance government spending with borrowing will
eventually hit a ceiling, leaving money-creation the only method left for
covering continued budget deficits. The resulting inflation cannot then be
stopped, because money-creation cannot be stopped, unless there is a fiscal
reform: “the monetary authority is forced to create money” to satisfy a
need for seigniorage revenue.
In a much-discussed 1981 article entitled “Some Unpleasant Monetarist
Arithmetic,” Sargent and Wallace asked their readers to consider a fiscal and
monetary regime in which the fiscal authority (say, the Congress) first
announces the path of future budget deficits. By rearranging the budget
constraint, we see that the size of a budget deficit (G – T) must be matched
by the sum of new borrowing and monetary expansion:
G - T = ΔD + ΔM.
In other words, a budget deficit implies some combination of bond finance and
inflationary finance."
Sem comentários:
Enviar um comentário