Mittwoch, 13. Februar 2013

Wolf über Helikopter-Geld

Martin Wolf stellt in der FT zumindest die richtigen Fragen in Bezug auf die Verwendung des in der Ökonomie geschaffenen Fiat-Geldes:
"[...] [I]t is impossible to justify the conventional view that fiat money should operate almost exclusively via today’s system of private borrowing and lending. Why should state-created currency be predominantly employed to back the money created by banks as a byproduct of often irresponsible lending? Why is it good to support the leveraging of private property, but not the supply of public infrastructure? I fail to see any moral force to the idea that fiat money should only promote private, not public, spending. [...]

[I]n the present exceptional circumstances, when expanding private credit and spending is so hard, if not downright dangerous, the case for using the state’s power to create credit and money in support of public spending is strong. The quantity of extra central bank money required would surely be smaller than under today’s scattergun quantitative easing. Why not employ monetary financing to recapitalise commercial banks, build infrastructure or cut taxes?"
Und jeder, der selbst für die Situation einer langanhaltenden nominalen Stagnation (z.B. Japan!) den von Martin Wolf aufgezeigten Weg ablehnt, sollte gute Antworten auf diese Fragen haben.

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