Randall Wray-ri egindako elkarrizketa:
http://neweconomicperspectives.org/2015/11/mmt-and-bernie-sanders.html
Wray-ri egindako galderak eta erantzunak.
1. Zer da berezia DTMz? Zeintzuk dira abantailak?1
Moneta jaukitzailea eta moneta erabiltzailea bereizi behar dira. Moneta subiranoko sistemak eguneratu ditugu eta politika fiskaleko operazio monetarioak zehaztu ditugu.
2. Zein izan da 2008ko krisiari emandako erantzuna? Krisia baztertu dezakete DTMn oinarritutako politika ekonomikoek?2
Hyman Minsky-k ulertu zuen ezegonkortasun finantzarioa. Beste ekonomialari guztiek ez zuten soilik ez ulertu hori baizik krisia ekartzeko lagundu zuten, gobernuaren erregulazioa baztertuz.
Gainera politika fiskal gogor bat martxan jarri zen, hazkunde ekonomikorako maileguz hartzeko, soilik sektore pribatuaren esku utzirik.
3. Zein da zure erantzuna DTM-ri egindako kritikei?3
Ez dut ikusi inongo kritika sendorik. Batzuek diote esaten duguna ez dela berria. Ez dugu inoiz esan berri denik. Galduta zegoena errekuperatu dugu. Beste batzuek edo ez dute ulertzen esaten duguna edo lastozko gizon bat eraikitzen dute, atakatzeko. Gehienek ez dute ulertzen moneta subiranoa, banku zentralak eta bankugintza zertan diren.
DTMren gehiena deskriptiboa da. Beraz, ez da lortu ez daitekeen ezer proposatzen. Gobernu subirano bat ezin dela bere monetarik gabe geratu esaten dugunean, hori deskripzio bat da.
Politika arlora mugitzen garenean, gure preskripzioak esperientzian oso ongi daude finkatuta – hau da, ekonomiak benetan funtzionatzen duen moduan.
4. Nola diseinatu daiteke politika sofistikatu bat eta arrakastaz inplementatu?4
Abba Lerner-ek plazaratu zuen diseinu orokorra, finantza funtzionala deituz. Aurrekontua eratu behar da enplegu osoa lortzeko, prezio egonkortasun erlatibo batekin.
Estrategia horren giltza bat Job Guarantee izan behar da, alegia, lan bermeko programa bat, Minsky-k defendatu zuen bezala.
5. Nola egon daiteke baldintza finantzarioa egonkorra herrialdeak nahi duen beste diru jaulkitzen duenean? Ba ote dago mugarik? Nola aritu inflazioaren edo stagflazioaren aurka?5
Diru gehiegi gastatzeko arriskua inflazioa da; truke tasen eragina ere gerta daiteke. Inflazioari aurre egiteko, enplegu osoa lortu eta gero, baztertu behar da gehiago gastatzea.
Monetak flotatu egin behar du.
6. Zergatik dago jendea pozik Bernie Sanders-en agenda ekonomikoarekin?6.
Uste dut jendea pozik dagoela Wall Streeteko kandidatua ez dagoelako, azkenik. Bernie-ren gastu lehentasunak populazioaren gehiengoarenak dira, eta ez Wall Streeteko gailurrarena, %1koarena. Aukeratuz gero, Bernie-k Roosevelt-en New Deal izenekoaren bertsio berria eman dezake.
7. Zergatik austeritatea ez da efektiboa enplegu tasa altxatzeko?7
Austeritateak enpleguak suntsitzen dituelako.
8. Nola eragin diezaioke DTMk nazioarteko finantzari? OPEC delakoa eta AEB: petrolioaren prezioa? Baldin eta AEBk erabaki badezake berak inprimatu nahi duen beste diru kopuru, ezin al dezake erabaki AEBko monetaren prezioa, nazioarteko moneta sistema nahasteko?8
Produktore handia den heinean, AEBk petrolioaren prezioari eragin diezaioke, noski.
Lan-indarrerako ELR/JB programa bat martxan jarriko nuke, oinarriko alokairua ezartzeko; beste prezio guztiak flotatzen utziko nituzke. Dolarrak ere flotatzen utziko nituzke. Dolarraren balioa gehienbat gainontzeko munduak determinatzen du, ez AEBko politikak.
Nazioarteko moneta erreserba nagusiaren jaulkitzaile gisa, AEBentzako garrantzitsua da bera hornitzea. Hori egiten dugu kontu korronteko defizitak erabiliz, edo dolarrak maileguz emanez. Baldin eta munduak eskatzen dituen dolarren eskariak handia izaten segitzen badu, AEBk dolarrak mailegatuz segituko du eta merkataritza defizitak erabiliz.
Bernie Sanders senatariaren hitzaldia:
Hasiera gisa, ikus
(a) Stephanie Kelton: eztabaida Greziaz
Eguneratzea:
(b) Politika eta ekonomia, politika ekonomikoa, ekonomia eta politika
eta
Politika eta ekonomia, politika ekonomikoa, ekonomia eta politika (2)
(c) Hitzaldia bera:
https://berniesanders.com/democratic-socialism-in-the-united-states/
Sanders Defines his Social Democracy:
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=15137
Gehigarriak:
Pavlina Tcherneva-ren Why Bernie Sanders Should Add a Job Guarantee to His Policy Agenda:
Warren Mosle-ren Bernie Article, in Mtg Purchase Apps, Arch. Billings, Japan Exports, Bernie Article:
http://moslereconomics.com/2015/10/21/mtg-purchase-apps-arch-billings-japan-exports-bernie-article/
gehi
Bernie Sanders doesn’t need to pay for his socialist utopia
Jacobin Magazine:
The Socialism of Bernie Sanders
1 Ingelesez:
“1. So what is so unique and special about the MMT? What are the advantages? – What are the most important value that is embedded in MMT?
We begin by recognizing there is a difference between a currency user and the currency issuer. This should be obvious, but it has been lost in economics discourse. Almost all economists, policy makers, and the popular media start from the presumption that a government’s budget is just like a household’s. That is obviously false.
What has been lost is an understanding of the operation of sovereign currency systems. That is what we’ve tried to bring back. And we’ve updated it and brought in a much more detailed analysis of monetary operations involved in fiscal policy.”
2 Ingelesez:
“2. How is it the response to the 2008 financial crisis? In what measure can economic policies based on the MMT prevent crisis of the similar kind?
There are two aspects to this. First there is the financial instability angle—understood by Hyman Minsky and ignored by almost all economists and policy-makers. It is not just that they “never saw it coming” but rather they helped bring on the crisis by deregulating and moving to self-supervision.
Then there is the chronically tight fiscal policy—so that economic growth occurs only with private borrowing—something Larry Summers and Paul Krugman sort of finally recognize. And when the crisis did hit and the private sector retrenched, the fiscal policy response was far too small.”
3 Ingelesez:
“3. There also are a lot of criticisms on MMT. Especially when it comes to its unconventional, rather alternative view on fiscal balance.
– What is your response to the opponents of MMT?
– How would you answer to those who cast skepticism about the feasibility of applying MMT to actual financial polity.
I haven’t seen any criticism that was based on sound reasoning. Some complain that what we say isn’t new. We never claimed to have invented all this—we are mostly recovering what was lost. Others either don’t understand what we’re saying or purposely throw up strawmen to attack. Most do not understand sovereign currency, central banking, or banks.
Most of MMT is descriptive. So this is not a matter of proposing something that is politically infeasible. It is a description when we say sovereign government cannot run out of its own currency.
When we do move to policy, our prescriptions are well grounded in the facts of experience—that is to say, in the way the economy really works. However, that does not mean that we believe it is politically easy.”
4 Ingelesez:
“4. How can this be designed into a sophisticated policy and successfully implemented? Are there any strategies that you have in mind?
Abba Lerner laid out the general design, calling it functional finance. The budget ought to be formed to achieve full employment with relative price stability—not in order to achieve some specific “balance” of the budget (ie a deficit-to-GDP or debt-to-GDP ratio). We ought to add to his goals policy to maintain financial stability.
A key component of any such strategy should be the ELR or JG program that Minsky advocated.”
5 Ingelesez:
“5. How can a country’s financial condition remain sound and stable when the state can issue money whenever needed?
– Are there any limits or countermeasures to such problems?
– How can we deal with the inflation or stagflation stemming from excessive issuance of currency?
The danger of spending too much money is inflation; there might also be an impact on exchange rates. The solution to the first problem is to avoid spending more once full employment is reached; and to carefully target spending even before full employment to avoid bottlenecks. The solution to the second is to float the currency.”
6 Ingelesez:
“6. Why are people so enthusiastic about Bernie Sanders’ economic agenda? Why is it so appealing?
I think people are enthusiastic to finally have a candidate who is not the Wall Street candidate. Bernie’s spending priorities match those of the vast majority of the population—and are not supported by the top 1% on Wall Street. I think that if elected Bernie would give us an updated version of Roosevelt’s New Deal. The original New Deal is what brought America into the 20th century. We need a similar effort to bring us into the 21st.”
7 Ingelesez:
“7. Why is the austerity not effective in raising employment rate?
Because austerity necessarily destroys jobs. The only way that can increase the employment rate is to chase people out of the labor force after they’ve given up all hope of finding a job.”
8 Ingelesez:
“8. How can the MMT influence the international finance? Are there any chance that US can become an entity like OPEC which decides the price of oil? In other words, if the US can decide the amount of money they want to print, can’t it also decide the price of US currency, disturbing international monetary system?
As a major oil producer the US can of course influence the price of oil. We can expand our oil buffer stock program. But I’m not sure that is a good idea at all. We need to reduce oil consumption.
We could do that with other commodities, but again I’m not sure why that would be a good idea. I’d just operate a bufferstock program for labor—through the ELR/JG program—to set the base wage. I’d let most other prices float. And I’d let the dollar float. Of course, the value of the dollar is mostly determined by the rest of the world, not by US policy.
As the issuer of the main international reserve currency it is important for the US to provide it. We do that by running current account deficits, or by lending dollars. If the world’s demand for dollars remains high, the US will continue to lend dollars and to run trade deficits.”
joseba says:
Sanders and Job Guarantee:
Why Bernie Sanders Should Add a Job Guarantee to His Policy Agenda
http://neweconomicperspectives.org/2015/08/why-bernie-sanders-should-add-a-job-guarantee-to-his-policy-agenda.html
joseba says:
Bernie Sanders on the right track but need to address the main game
http://bilbo.economicoutlook.net/blog/?p=32711
“On December 23, 2015, the Democrat Presidential candidate Bernie Sanders published an Op Ed –Bernie Sanders: To Rein In Wall Street, Fix the Fed – which, correctly, in my view, concluded that Wall Street (taken to be the collective of banksters wherever they might be located) “is still out of control” and policy reform has done little to alter the “too big to fail” problem that was identified in the early days of the GFC as one bank after another lined up for government assistance. Larry Summers replied to the Op Ed in his blog – The Fed and Financial Reform – Reflections on Sen. Sanders op-Ed – challenging several of the proposals advanced by Sanders. The problem is that the progressive voice of Bernie Sanders labours under some basic misconceptions about how the monetary system operates and therefore plays into the hands of those who have created the mess. Conversely, Summers clearly understands basic elements of the monetary system but continues to advocate policies which avoid addressing the main issue – the power of the financial markets.
Bernie Sanders got off on the wrong foot by suggesting that if any of the big financial institutions:
… were to fail again, taxpayers could be on the hook for another bailout, perhaps a larger one this time.
We, of course, know that taxpayers did not fund the last bailouts, the currency-issuing capacity of the consolidated US government provided the cash injections to ensure that any financial institution it desired to remain solvent did so.
I think it is essential that would-be progressives cease to use these loaded terms such as ‘taxpayer funds’ etc and instead promote new understandings which more accurately reflect what the intrinsic capacities of the currency-issuing government are.
Please read my blog – Taxpayers do not fund anything – for more discussion on this point.
As an aside, some years ago (August 20, 2010), I wrote a blog – The consolidated government – treasury and central bank – which explained why the notion of a consolidated government sector is a basic Modern Monetary Theory starting point, which allows us to demonstrate the essential relationship between the government and the non-government sectors whereby net financial assets enter and exit the economy.
In part, the notion this counters the mainstream macroeconomic obsession with central bank independence, which is nothing more than an ideological attack on the capacity of government to produce full employment. When I have attempted in the past to discuss this consolidation with members of my profession (the mainstream arm) I have been met with varying degrees of derision.
There appears to be a belief that the central bank operations are quite distinct from Treasury operations and that in the interest of inflation stability, the Treasury has to run fiscal policy consistent with the independent interest-rate target set by the central bank.
The problem with this view is that it misunderstands the intrinsic link between the daily operations of the central bank in managing liquidity in the cash system and the daily spending and taxation impacts of Treasury (that is, fiscal policy).
(…)
I would argue that a progressive position must focus on eliminating most of the derivative transactions that have perverted the banking sector.
Larry Summers argues that the activities of banks such as JP Morgan or Goldman Sachs in this regard are “egregiously under regulated”.
I would go one step further and make them illegal.
Please read the following blogs – Operational design arising from modern monetary theory and Asset bubbles and the conduct of banks for further discussion.
(…)
I like the way that Bernie Sanders is attempting to redefine the public policy debate and have sympathy for many of his positions and values.
But I don’t think it helps when progressive voices make simple mistakes that, ultimately, ply into the hands of those who have created the mess the world economy is now in.”
joseba says:
Bernie Sanders Decries Lack of Wall Street Prosecutions
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=15393
joseba says:
Sanders vs. Clinton on Wall St. Reform
http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=15580