Hasteko, ikus Elkarrizketa W. Mosler-ekin1.
Zenbait zipriztin:
(a) Dirua zer den
Monetak zerga kredituak dira2, zergak ordaintzearren beharrezkoak diren tresnak.
(b) Banku zentralen rola
Gobernu gastuetan, kreditua kontu egokian ezarri. Zergatzerakoan, kontua zordundu.
Banku sistema gainbegiratu eta erregulatu.
Interes tasa ezarri3.
(c) Zor publikoa
(AEBn) Gobernuak gastatutako eta zergak ordaintzeko oraindik erabili ez diren dolarrak dira zor publikoa.
Gobernuak dolar horiek gastatzean banku kontuak kreditatzen ditu. Altxor Publikoko tituluak saltzerakoan, dolarrak aldatzen dira banku kontuko mota batetik banku kontuko beste mota batera, maileguz hartzea deitzen da.
Gobernu bonoa banku zentral erreserbako banku kontu bat da, titulu kontuak deituak, banku normal baten aurrezki kontuen bezalakoa da4.
(d) Greziako krisi ekonomikoa, zor krisia ote?
Bai, Europar Batasunean indarrean dauden arau eta erregulazioen testuinguruan.
Aukera politikoa da.
Arauak onartzerakoan, EBZ-k zor publikoa bermatzen du. Ez dago zor krisirik. Arauak ez onartzerakoan, zor krisia dago.
Krisia kondizionala da. Baldintza arauak betetzea da.
Ez dagokio merkatuari. Ez da gertatzen kontrol politikotik at5.
1 Ikus https://www.unibertsitatea.net/blogak/heterodoxia/2015/12/02/elkarrizketa-w-mosler-ekin/.
2 Ingelesez: “… our currencies, such as the euro, the dollar, the yen, those are just the things that are needed to pay taxes, they’re tax credits.”
3 Ingelesez: “They are like the scorekeeper for the currency, and they are the government’s fiscal agent. They have a spreadsheet, just like you set up a spreadsheet on your computer, and they put in debits and they open up accounts for the member banks, for foreign governments and a few others. When the government spends, they put credit into the appropriate account, when it taxes, they debit the appropriate account, and they also generally regulate and supervise the banking system to some degree.
Those are the two roles they generally have, and as part of the operation of the spreadsheet, the scorekeeper so to speak, they’ve also been given the job of determining what’s the appropriate interest rate. There’s no such thing as the marketing determining rates. The government has to set some rate, or the rate will just sit there as zero.”
4 Ingelesez: “... public debt are in the U.S., the dollars spent by the government that haven’t yet been used to pay taxes. When the government spends these dollars, they credit bank accounts, they get into various bank accounts, and when they sell treasury securities, which is called borrowing, dollars shift from one type of bank account to another type of bank account called a government bond. A government bond is just a bank account at the central reserve bank, they call it securities accounts, it’s just like a savings account at a normal bank.”
5 Ingelesez: “It is, under the current context of the rules and regulations that have been set down. It’s a political choice to have a debt crisis. If the central bank, the ECB, guarantees the debt, then there’s no debt crisis. If they don’t guarantee the debt, there is a debt crisis… but it’s conditional.
There’s a conditionality here, it’s conditional, you have to obey the rules, the fiscal rules of the European Union, and if you try to violate the fiscal rules, then you’re no longer under the umbrella of the central bank guarantee.
… when Greece tried to, when there was some risk that they would step out of the fiscal compliance, then there was risk that the debt would not be guaranteed, and suddenly interest rates shoot up and suddenly they can’t finance themselves and suddenly you have a debt crisis. So yes, there is one potential debt crisis, but it’s a political decision, it’s not a market situation, it’s not something that happens outside of political control.”
