Business Insider, 27 dicembre 2011, John Carney: "Here's What Modern Monetary Theory And Austrian Economics Have In Common", p.2Archiviato il 31 marzo 2013 in Internet Archive. Here is a genuine difference between the Austrians—especially those of the Rothbardian stripe—and the MMTers. The MMTers do indeed envision the government using taxes to accomplish what is good for the economy—which, for the most part, means combating inflation. They think that the government may need to use taxation to snuff out inflation at times. Alternatively, the government can also reduce its own spending to extinguish inflation.
The Economist, 31 dicembre 2011, "Marginal revolutionaries"Archiviato il 22 febbraio 2012 in Internet Archive. because paper currency is a creature of the state, governments enjoy more financial freedom than they recognise. The fiscal authorities are free to spend whatever is required to revive their economies and restore employment. They can spend without first collecting taxes; they can borrow without fear of default.
Harvard International Review, 16 ottobre 2011, Winston Gee: "Debt, Deficits, and Modern Monetary Theory"Archiviato il 19 ottobre 2011 in Internet Archive. In MMT, we see public debt as private wealth and the interest payments as private income. The outstanding public debt is really just an expression of the accumulated budget deficits that have been run in the past. These budget deficits have added financial assets to the private sector, providing the demand for goods and services that have allowed us to maintain income growth. And that income growth has allowed us to save and accumulate financial assets at a far greater rate than we would have been able to without the deficits.
The Huffington Post, 21 gennaio 2010, Warren Mosler, "Proposals for the Banking System". Proposal for the Treasury:Archiviato il 7 gennaio 2014 in Internet Archive. cease all issuance of Treasury securities. Instead any deficit spending would accumulate as excess reserve balances at the Fed. No public purpose is served by the issuance of Treasury securities with a non convertible currency and floating exchange rate policy. Issuing Treasury securities only serves to support the term structure of interest rates at higher levels than would be the case. And, as longer term rates are the realm of investment, higher term rates only serve to adversely distort the price structure of all goods and services.
Micromega, Federico Rampini: "La Rivoluzione che viene dagli Usa"Archiviato il 24 febbraio 2012 in Internet Archive. Secondo Galbraith Jr. «l'inflazione è un pericolo vero solo quando ci si avvicina al pieno impiego, e una situazione del genere si verificò in modo generalizzato nella prima guerra mondiale». Di certo non oggi. Il deficit pubblico nello scenario odierno è soltanto benefico, a condizione che venga finanziato dalle banche centrali: comprando senza limiti i titoli di Stato emessi dai rispettivi governi.
Riviera Oggi, 3 marzo 2012, Pier Paolo Flammini: "La MMT Modern Money Theory spiegata ad un ragazzo (ben sveglio)"Archiviato il 5 marzo 2012 in Internet Archive. la possibilità di emettere quantità di moneta teoricamente infinita per finanziare il settore pubblico non implica la necessità (come avviene ora in maniera drastica nei paesi dell'Eurozona) di chiedere il denaro necessario per queste eventualità ai sottoscrittori privati di titoli pubblici, accettando il tasso di interesse imposto dal mercato.
Questo significa che il mercato dei titoli pubblici non esisterà più in un paese MMT?
No. Significa che il mercato dei titoli pubblici è una misura facoltativa e non obbligatoria.
rooseveltinstitute.org
Roosevelt Institute, 26 novembre 2009, Randall Wray: "Why Congress Should NOT Increase the Government's Debt Limit"Archiviato il 27 giugno 2013 in Internet Archive. How would this work if we eliminate sales of Treasury bills and bonds? In effect, the Fed would offer an overdraft to the Treasury rather than to the private banks. Now the Treasury could spend without first moving deposits to the Fed. This would increase the deposit of the recipient of the Treasury's spending and also the reserves of the recipient's bank. Banks would earn interest on their reserves-at the rate the Fed chooses. The only change to current operating procedure is to give the Treasury the right to overdrafts-something the Fed already allows to private banks. Voila! No more Treasury bills and bonds issued.
(EN) Winston Gee, Debt, Deficits, and Modern Monetary Theory, su hir.harvard.edu, 16 ottobre 2011. URL consultato il 22 luglio 2023 (archiviato dall'url originale il 7 gennaio 2016).
Micromega, Federico Rampini: "La Rivoluzione che viene dagli Usa"Archiviato il 24 febbraio 2012 in Internet Archive. Secondo Galbraith Jr. «l'inflazione è un pericolo vero solo quando ci si avvicina al pieno impiego, e una situazione del genere si verificò in modo generalizzato nella prima guerra mondiale». Di certo non oggi. Il deficit pubblico nello scenario odierno è soltanto benefico, a condizione che venga finanziato dalle banche centrali: comprando senza limiti i titoli di Stato emessi dai rispettivi governi.
Business Insider, 27 dicembre 2011, John Carney: "Here's What Modern Monetary Theory And Austrian Economics Have In Common", p.2Archiviato il 31 marzo 2013 in Internet Archive. Here is a genuine difference between the Austrians—especially those of the Rothbardian stripe—and the MMTers. The MMTers do indeed envision the government using taxes to accomplish what is good for the economy—which, for the most part, means combating inflation. They think that the government may need to use taxation to snuff out inflation at times. Alternatively, the government can also reduce its own spending to extinguish inflation.
The Economist, 31 dicembre 2011, "Marginal revolutionaries"Archiviato il 22 febbraio 2012 in Internet Archive. because paper currency is a creature of the state, governments enjoy more financial freedom than they recognise. The fiscal authorities are free to spend whatever is required to revive their economies and restore employment. They can spend without first collecting taxes; they can borrow without fear of default.
Harvard International Review, 16 ottobre 2011, Winston Gee: "Debt, Deficits, and Modern Monetary Theory"Archiviato il 19 ottobre 2011 in Internet Archive. In MMT, we see public debt as private wealth and the interest payments as private income. The outstanding public debt is really just an expression of the accumulated budget deficits that have been run in the past. These budget deficits have added financial assets to the private sector, providing the demand for goods and services that have allowed us to maintain income growth. And that income growth has allowed us to save and accumulate financial assets at a far greater rate than we would have been able to without the deficits.
Riviera Oggi, 3 marzo 2012, Pier Paolo Flammini: "La MMT Modern Money Theory spiegata ad un ragazzo (ben sveglio)"Archiviato il 5 marzo 2012 in Internet Archive. la possibilità di emettere quantità di moneta teoricamente infinita per finanziare il settore pubblico non implica la necessità (come avviene ora in maniera drastica nei paesi dell'Eurozona) di chiedere il denaro necessario per queste eventualità ai sottoscrittori privati di titoli pubblici, accettando il tasso di interesse imposto dal mercato.
Questo significa che il mercato dei titoli pubblici non esisterà più in un paese MMT?
No. Significa che il mercato dei titoli pubblici è una misura facoltativa e non obbligatoria.
Roosevelt Institute, 26 novembre 2009, Randall Wray: "Why Congress Should NOT Increase the Government's Debt Limit"Archiviato il 27 giugno 2013 in Internet Archive. How would this work if we eliminate sales of Treasury bills and bonds? In effect, the Fed would offer an overdraft to the Treasury rather than to the private banks. Now the Treasury could spend without first moving deposits to the Fed. This would increase the deposit of the recipient of the Treasury's spending and also the reserves of the recipient's bank. Banks would earn interest on their reserves-at the rate the Fed chooses. The only change to current operating procedure is to give the Treasury the right to overdrafts-something the Fed already allows to private banks. Voila! No more Treasury bills and bonds issued.
The Huffington Post, 21 gennaio 2010, Warren Mosler, "Proposals for the Banking System". Proposal for the Treasury:Archiviato il 7 gennaio 2014 in Internet Archive. cease all issuance of Treasury securities. Instead any deficit spending would accumulate as excess reserve balances at the Fed. No public purpose is served by the issuance of Treasury securities with a non convertible currency and floating exchange rate policy. Issuing Treasury securities only serves to support the term structure of interest rates at higher levels than would be the case. And, as longer term rates are the realm of investment, higher term rates only serve to adversely distort the price structure of all goods and services.
