Mittwoch, 24. Februar 2016

Helikopter-Geld

Die FT hört in der Ferne schon das "Rattattattattatt".

Martin Wolf antizipiert in seiner Kolumne, dass die Zentralbanken als nächste Stufe des Stimulus direkt Ausgaben finanzieren werden, weil Niedrigzinsen und die Programme der quantiativen Lockerung zwar eine tiefe Depression verhindert haben - nicht aber zu einem tragfähigen Aufschwung geführt haben.

"[...] With fiscal expansion might go direct monetary support, including the most radical policy of all: the “helicopter drops” of money recommended by the late Milton Friedman.

More recently, this is the policy foreseen by Ray Dalio, founder of Bridgewater, a hedge fund. The world economy is not just slowing, he argues, but “monetary policy 1” — lower interest rates — and “monetary policy 2” — quantitative easing — are largely exhausted. Thus, he says, the world will need a “monetary policy 3” directly targeted at encouraging spending. That we might need such a policy is also the recommendation of Adair Turner, former chairman of the Financial Services Authority, in his book Between Debt and the Devil ."


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