Macroresilience
Columna de John Cochrane al respecto
Mostrando entradas con la etiqueta Dinero. Mostrar todas las entradas
Mostrando entradas con la etiqueta Dinero. Mostrar todas las entradas
martes, 25 de junio de 2013
miércoles, 3 de abril de 2013
miércoles, 13 de febrero de 2013
Sobre el origen del dinero
The Economist y Cullen Roche
"Most of what we call money is actually short-term debt created by banks when they make loans. This means that banks are the stewards of our savings and manage the payments system. As a result, they have a privileged place in our society: governments never deliberately choose to liquidate the banking system. It always appears preferable, in the short term at least, to preserve the incumbent institutions and personnel through bail-outs. (Lending to “solvent but illiquid” firms at below-market rates is another kind of bail-out, even if it is not always called one by the authorities.)
I think it’s incredibly important to understand that first point. Almost all of what we call “money” today is created by banks out of thin air. The government has essentially outsourced money creation to an oligopoly of private entities. This might sound ludicrous, but it’s largely in keeping with the capitalist nature and democratic foundings of the American system. That is, the money supply is controlled not by the government, but by the private sector. And the entities that distribute this money must compete for our business. The alternative is having the government distribute all money in some fashion.
Of course, the problem with this design is that private banks are driven purely by the profit motive. So, this capitalist design can be both beneficial, but inherently unstable as banks have a tendency to reach out on the risk curve. It’s the old Hyman Minsky “stability creates instability” thing. So you have a serious conflict of interests here. The banks issue and dominate the social construct that is OUR money. And their involvement in the stability of that social construct is essential as they maintain the payments system. But the profit motive leads them to do silly things at times which leads to systemic instability."
Más de The Economist
"Most of what we call money is actually short-term debt created by banks when they make loans. This means that banks are the stewards of our savings and manage the payments system. As a result, they have a privileged place in our society: governments never deliberately choose to liquidate the banking system. It always appears preferable, in the short term at least, to preserve the incumbent institutions and personnel through bail-outs. (Lending to “solvent but illiquid” firms at below-market rates is another kind of bail-out, even if it is not always called one by the authorities.)
I think it’s incredibly important to understand that first point. Almost all of what we call “money” today is created by banks out of thin air. The government has essentially outsourced money creation to an oligopoly of private entities. This might sound ludicrous, but it’s largely in keeping with the capitalist nature and democratic foundings of the American system. That is, the money supply is controlled not by the government, but by the private sector. And the entities that distribute this money must compete for our business. The alternative is having the government distribute all money in some fashion.
Of course, the problem with this design is that private banks are driven purely by the profit motive. So, this capitalist design can be both beneficial, but inherently unstable as banks have a tendency to reach out on the risk curve. It’s the old Hyman Minsky “stability creates instability” thing. So you have a serious conflict of interests here. The banks issue and dominate the social construct that is OUR money. And their involvement in the stability of that social construct is essential as they maintain the payments system. But the profit motive leads them to do silly things at times which leads to systemic instability."
Más de The Economist
jueves, 17 de enero de 2013
viernes, 21 de diciembre de 2012
martes, 18 de diciembre de 2012
jueves, 13 de diciembre de 2012
martes, 20 de noviembre de 2012
sábado, 22 de septiembre de 2012
martes, 18 de septiembre de 2012
lunes, 10 de septiembre de 2012
miércoles, 5 de septiembre de 2012
martes, 4 de septiembre de 2012
La fàbula de las canicas y la maestra
Aca
Ahora creo que todos hemos aprendido la lección. Todos debemos vivir dentro de nuestras posibilidades en nuestra vida particular. Sin embargo, los que en una economía tienen el poder único y absoluto de crear el medio de intercambio de bienes y servicios, tienen la obligación de asegurar que siempre haya un suministro suficiente de canicas para que todos podamos jugar.
Y todos aprendieron la lección y todos supieron que en un sistema monetario fiduiciario el dinero no tiene valor intrínseco y que aquel que lo genera siempre puede y DEBE crear todos aquellos papelitos necesarios para garantizar que cualquier niño que haga su trabajo pueda salir de clase a jugar con su amigo Walter, y para que puedan dormir con sus familias después de haber hecho bien su trabajo.
Ahora creo que todos hemos aprendido la lección. Todos debemos vivir dentro de nuestras posibilidades en nuestra vida particular. Sin embargo, los que en una economía tienen el poder único y absoluto de crear el medio de intercambio de bienes y servicios, tienen la obligación de asegurar que siempre haya un suministro suficiente de canicas para que todos podamos jugar.
Y todos aprendieron la lección y todos supieron que en un sistema monetario fiduiciario el dinero no tiene valor intrínseco y que aquel que lo genera siempre puede y DEBE crear todos aquellos papelitos necesarios para garantizar que cualquier niño que haga su trabajo pueda salir de clase a jugar con su amigo Walter, y para que puedan dormir con sus familias después de haber hecho bien su trabajo.
martes, 28 de agosto de 2012
martes, 7 de agosto de 2012
The anniversary of the S&P downgrade – Have we learned anything?
Aca
"The USA has an institutional arrangement in which it is a currency issuer. That is, while the Treasury is an operational currency user (meaning it must always have funds in its account at the Fed before it can spend those funds) it is always able to harness the banks to procure funds. This is achieved through bond auctions in which the dealers are required to bid"
"The USA has an institutional arrangement in which it is a currency issuer. That is, while the Treasury is an operational currency user (meaning it must always have funds in its account at the Fed before it can spend those funds) it is always able to harness the banks to procure funds. This is achieved through bond auctions in which the dealers are required to bid"
miércoles, 25 de julio de 2012
martes, 17 de julio de 2012
viernes, 13 de julio de 2012
martes, 3 de julio de 2012
lunes, 2 de julio de 2012
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