2。美國印鈔到底是不是全球經濟的原動力?
3。「債」真的才是財富的原形嗎?還是政府應該跟人一樣,負債愈低經濟愈好?
(再加一問)
4。Covid 這幾年,大灑幣是救了全世界,還是害了全世界?也就是說,我們是要通縮好呢? 還是通膨好?美國政府有沒有可能,有能力做到,在全世界範圍內達成,既不通縮也不太通膨的完美境界?未來上千年內,有沒有某個貨幣儲備國可以常態性的達成?
(我居然忘了,沒問到重點)
5。回歸金本位是不是解決之道?下一個貨幣霸權國家出現之前,是否有金本位經濟的一席之地?甚至由金本位從此取代現代貨幣成為未來幾百年的主流?(這裡的金本位經濟可以是任何與實體金價掛鉤的匯率交換制度)
據聖路易斯聯邦銀行博士副行長,David Andolfatto 說的,
有關於美國國債的思考:Debt as Currency
大家覺得是唬爛的還是真的?
Does the National Debt Matter?
債務作為貨幣
如果國債是在國內持有的,那麼它就構成了國內私部門的財富。它在多大程度上構成淨財富是有爭議的,但毫無疑問,至少有一部分是這樣看待的。這意味著增加國債會讓個人感覺更富有。
當經濟蕭條時期透過赤字融資的減稅(或轉移支付)產生這種「財富效應」時,它可以幫助刺激私人支出,使每個人都過得更好。然而,當經濟處於或接近充分就業時,此類政策反而更有可能提高物價水平,從而導致財富的重新分配。
總之,這些考慮因素表明我們可能希望從不同的角度來看待國家債務。特別是,將國債視為一種流通貨幣形式而不是債務形式似乎更為準確。
投資人對構成國債的證券的評價就像個人對貨幣的評價一樣-作為交換媒介和財富的安全儲存手段。在這種情況下,必須償還已經流通的貨幣的想法毫無意義。當然,不擔心償還國債並不意味著就沒有什麼好擔心的。但如果國債是一種貨幣形式,那問題出在哪裡呢?
原文:
Debt as Currency
To the extent that the national debt is held domestically, it constitutes domestic private sector wealth. The extent to which it constitutes net wealth can be debated, but there’s not much doubt that at least some of it is viewed in this manner. The implication of this is that increasing the national debt makes individuals feel wealthier.
When this “wealth effect” is generated by a deficit-financed tax cut (or transfers) in a depression, it can help stimulate private spending, making everyone better off. When the economy is at or near full employment, however, such a policy is instead more likely to increase the price level, which can lead to a redistribution of wealth.
Together, these considerations suggest that we might want to look at the national debt from a different perspective. In particular, it seems more accurate to view the national debt less as form of debt and more as a form of money in circulation.
Investors value the securities making up the national debt in the same way individuals value money—as a medium of exchange and a safe store of wealth. The idea of having to pay back money already in circulation makes little sense, in this context. Of course, not having to worry about paying back the national debt does not mean there is nothing to be concerned about. But if the national debt is a form of money, wherein lies the concern?