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Minsky, Inequality, and the Monetary:Fiscal Policy Outlook

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Haruhiko Kuroda Jaapani Keskpangast


Haruhiko Kuroda: Central Banks Need to Broaden Focus to Whole Yield Curve


However, he dismissed as “impossible” the idea that the BOJ could print money to directly finance government spending or hand cash to households, a policy sometimes known as helicopter money. He said it wouldn’t be legally possible, though he acknowledged that pledging to peg long-term rates at a certain level potentially permits the government to borrow aggressively if it chooses to do so.

Selleks ei ole vaja pikaajalisi intresse peg’ida, et valitsus saaks agressiivselt laenata/defitsiitselt kulutada. Narratiiv on endiselt vale, kuigi muutumas.

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Lavrov comments on Trump´s comments by calling everyone pussies

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Elitistid inimese vastu

Confronting the Populists

…If we run away from populists, or try to copy their tactics and arguments, we will further undermine the social contract underpinning Western democracies. Mainstream political leaders face a challenging road ahead. They will need to adopt a fighting spirit and signal confidence in their cause, rather than succumbing to complacency or resigning themselves to a long-drawn-out retreat. This is a battle that must be won.

Artikkel räägib sellest, et populism tõstab pead ja selle vastu peab võitlema ning see lahing tuleb võita. Ma vaatasin populismi definitsiooni järgi:

Support for the concerns of ordinary people.

A member or adherent of a political party seeking to represent the interests of ordinary people.

Kindlasti on ka teistsuguseid definitsioone. Ok, et populistid pakuvad lihtsaid lahendusi? Minu arvates need eriti hästi hakkama ei saa, kes keerulisi lahendusi pakuvad. Ma mäletan seoses Euroopa võlakriisiga oli hästi palju inimesi, kes keerulist, aga täielikku jama ajasid.  Aga jah, elitistid tavalise inimese vastu. Tavainimene on nii loll, et ta ei tea, kui hea see on, mida elitistid talle tahavad.

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The end of the EU will be sudden and merciless.

The end of the EU will be sudden and merciless.

The UK establishment, faced with the catastrophe of the collapse of Deutsche Bank followed by other EU banks and the end of the Euro, is one of utter denial. Silly season is in full swing.


We have Charles Clark (an anti-democratic toad) declaring that the EU referendum was little more than an opinion poll; Abbott openly alleging that over 17m Brexit voters are racist; her and the likes of Chakrabarti, Toynbee, Shaw, Kinnock and many other socialist frauds milking the poor for profit; The Guardian suggesting Brexit voters are linked to Slavery; a Labour Party dominated by robotic ideologues happy to see unlimited competition for the working poor in the UK; and Remainers still claiming the EU is a wonderful risk free Heaven on Earth compared to the supposed disaster and ruination of Brexit……

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Raha kommertspankades

Eurotsoonis on kommertspankade kohustuslik reservimäär 1%. St, et kommertspankade reservid keskpangas peavad olema 1% suhtena hoiustesse.

See tähendab, et kommertspangad ootavad hoiustajaid (deponeerijaid). Kui raha deponeeritakse nende pangas, siis laenavad nad 99% sellest välja ja panevad 1% reservikontole keskpangas.

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ECB massiivne “võla monetiseerimine”


ECB Fast Exhausting German Bonds for QE Buying as Yields Tumble

Nii palju ideest, et “võla monetiseerimine” on inflatsiooniline, aga kõik “tublid majandustargad” kordavad seda lakkamatult.  MMT väidab, et mingit võla monetiseerimist ei toimu, keskpank ei kontrolli raha kogust majanduses, kogust ja hinda ei saa korraga kontrollida. Kogust mõjutab intressipoliitika ainult kaudselt. Kui reaalsest situatsiooni vaadata, siis on MMT-l õigus. Pangareservid versus valitsuse võlakirjad ei ole laenamist elavdanud, inflatsioon ei ole kiirenenud ECB poliitika tulemusel.

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Why Don’t Economists And Politicians Get MMT?

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…During the Brexit referendum debate, the Left, including the Labour Party, overwhelmingly backed the status quo Remain campaign. This was a major strategic error. If the Left is perceived by the general public to prop up a failing status quo establishment, which has failed the majority of the population, it is doomed. The Labour Party needs to develop a platform of policies which addresses the multitude of challenges facing Britain in the 21st century, principally, the Limits to Growth mega-trend…..

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“Ei eurole” foorum Itaalias


Gernot Bodner

Running against the time

No-Euro Forum in Italy to look for a common left exit strategy

The location of the third European No-Euro-Forum itself, Chianciano Terme in Tuscany, can be considered symbolic for the urgent need of an exit strategy to leave the corset of the currency union: during the 80ties it was a prosperous small town with it’s hot springs and hundreds of hotels where workers and pensioners spent their spa stays, financed from a growing economy and the social rights that were conquered. Today, 30 years after without investment, the infrastructure leaves a curious old-style-feeling (in modern terms „retro“) and it is largely empty. One and a half decades of economic recession, deconstruction of the welfare state and an increasing number of unemployed and precarious workers without access to social rights has left traces….

…Beyond this common platform there was intensive discussion whether the Euro question can be separated from the EU project as a whole or not. In a panel on the economic crisis, the Italian economy professor from the Siena University, Ernesto Screpanti, insisted: changing the monetary politics with an exit from the Euro system and a return to the national currencies alone is not enough; what is needed is an active fiscal policy with strong state intervention and investments in the economy. The non-optimal currency area of the Euro cannot be separated from the radical market ideology that shapes all European treaties and its institutions….

Ma olen  Ernesto Screpantiga nõus, asi ei ole ainult euros, EL tuleb lammutada ja EL tundubki olevat lagunemise kursil. Soovmõtlemine siin ei aita, et äkki kuidagi saab jne.

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Rahatrükk ei ole lahendus

QE is here forever, says Bank of England deputy governor

Ühtpidi on see artikkel täielik jama, loomulik intressimäär jne. Teistpidi on mul hea meel, et need “rahatrükk põhjustab inflatsiooni” müüdid saavad täielikult kummutatud. Majanduspoliitika jääb endiselt mittefunktsionaalseks.

Tegemist on valitsuse rahamonopoliga, mida tuleb analüüsida nagu monopoli analüüsitakse. MMT on sellest palju kirjutanud. Ma mäletan tervet rida artikleid Äripäevast, kus väideti, et Fed olevat “bad bank”, sest olevat raha trükkinud, inflatsiooni neil ette näidata polnud, siis mõtlesid muid müüte välja. Kõigele vaatamata on endiselt neid, kes ootavad hüperinflatsiooni. Kuhu kõik need arvamusliidrid kadunud on, kes väitsid Euroopa võlakriisi ajal, et rahatrükk ei ole lahendus? Muidugi olid kõik need arutelud Eestis täiesti mõttetud, sest de facto pole meil mingit sõnaõigust lahenduste pakkumise osas.

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Analysis of the Debate between Hillary and Trump

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A broken-up Europe will breed monsters: Greece’s Varoufakis

A broken-up Europe will breed monsters: Greece’s Varoufakis

Ma ei tea, et mida või keda koletiseks nimetada, aga paremäärmusluse populaarsuse tõusu on just toonud integratsioon ja EL.

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Why a ‘Hard Brexit’ Looms for Britain


Why a ‘Hard Brexit’ Looms for Britain

..The U.K. “cannot have the advantages of the European Union without carrying out the obligations,” Irish Finance Minister Michael Noonan said in an interview with Bloomberg Television.

Such intransigence may mean Prime Minister Theresa May ends up favoring a clean break from the EU to secure her goal of tougher immigration controls even if that costs the country access to the single market, a scenario dreaded by bankers and business executives.

“The dynamics within the government give the upper hand at the moment to the hard Brexit supporters,” former Foreign Secretary David Miliband told Bloomberg TV…

Nad endiselt arvavad, et on positsioonil, millelt võib välja pressida. UK hääletas Brexiti poolt just inimeste vaba liikumise tõttu. EL-l on  palju rohkem kaotada kui UK-l. See on lagunemise rong, millelt vilet lastakse.


Maltese Prime Minister Joseph Muscat says any deal for the U.K. must be “inferior” to the benefits of membership. He wants the agreement “balanced and just for all sides.”



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Commentary: It’s time for Europe to stop holding referendums


Commentary: It’s time for Europe to stop holding referendums

Üks võimalus on eirata referendumite tulemusi ja seda on ka paljukordselt tehtud EL-s, teine võimalus on neid üldse mitte pidada. Lisaks sellele võiks ju ka rahvuslikes parlamentides asja nii korraldada nagu Europarlamendis. Arvatavasti võimaldaks see edasi minna integreerumisega. Praegune probleem on ju ikka selles, et lollid pääsevad valimiskastide juurde. Eiki Nestor on tabavalt rääkinud sellest seoses presidendivalimistega ja miks ta ei toeta, et rahvas presidendi valiks. Siis ilmub mõni inimene, kes pudrumäed kokku lubab ja saab presidendiks. Sama on lugu EL-ga, meie tee on integreerumine, kasinuspoliitika ja massimmigratsioon, see võib tunduda ebameeldiv, aga alternatiive pole. Populistid lubavad alternatiive ja rikuvad pudru terves pajas.

Rahvusriigid ja rahvuslik demokraatia on selgelt jalus EL-l.

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Inflation Is Just Not That Easy To Cause (Even With A Job Guarantee)

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The planned destruction of Greece continues …

by Bill Mitchell

The planned destruction of Greece continues …

After all the hoopla last year with the rise and fall of Syriza one’s attention span strays from what is happening in Greece at present and how it demonstrates the continued (and permanent) failure of the Eurozone. We also become inured to badness after badness is normalised. I was reminded of the depth of the malaise in that nation last week when I was in Kansas City. I won’t disclose confidences but an influential person (in the Greek context) I spoke to now regard their previous support for remaining within the Eurozone as a mistake and they consider my assessment of the situation (which they opposed at the time) to be closer to reality. That was an interesting conversation and credit to them for being able to recognise an error of judgement…..

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Randall Wray


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Paul Volcker


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Desperate Central Bankers


Desperate Central Bankers

…While financial markets love any form of monetary accommodation, there can be no mistaking its dark side. Asset prices are being manipulated across the board – stocks and bonds, long- and short-duration assets, as well as currencies. As a result, savers are being punished, the cost of capital is repressed, and reckless risk taking is being encouraged in an income-constrained climate. This is especially treacherous terrain for economies desperately in need of productivity-enhancing investment. And it is not dissimilar to the environment of asset-based excess that incubated the 2008-2009 global financial crisis.

Moreover, frothy asset markets in an era of extreme monetary accommodation take the pressure off fiscal authorities to act. Failing to heed one of the most powerful (yes, Keynesian) lessons of the 1930s – that fiscal policy is the only way out of a liquidity trap – could be the greatest tragedy of all. Central bankers desperately want the public to believe that they know what they are doing. Nothing could be further from the truth.

Kui see likviidsuslõksu jutt välja jätta, siis olen nõus.

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Wishful thinking


Varoufakis sees EU collapse

Yanis Varoufakis has warned that Europe is at risk of disintegration and that this could come at great human cost.

Speaking to CNBC in London Tuesday, Varoufakis, who served as Greek finance minister in 2015, said evidence of this was everywhere to be seen from the Italian banking sector to the French economy and insisted that “politics disintegrates when the economy is unsustainable.”

Referring to Britain’s decision to leave the European Union in June, he said that “I wish Brexit had not happened.”


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Regressive left is pissed, democracy and all these stupid people get in their way

(((FrancesCoppola))) Retweeted Paul

Apparently it doesn’t. Our tides are controlled by The Sun.

(((FrancesCoppola))) added,

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Donald Trump, check

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Kas MMT garanteerib majanduskasvu?

Kui vaadata Jaapanit ja rääkida majanduskasvust, siis võiks ju öelda, et Jaapanis on stagnatsioon ja kaotatud kümnend või isegi “mitukümnend”? Mis sellest defitsiidist ja võlast siis kasu on olnud?

Esiteks on Jaapanis ka defitsiidi hüsteeria domineerinud ja valitsus pole olnud valmis piisavalt defitsiitselt kulutama. Seal on domineerinud arvamus, et keskpank monetaarpoliitikaga suudab ekspansiooni tekitada. “Rahatrükk” on tegelikkuses deflatsioonini viinud. MMT kindlasti ei garanteeri majanduskasvu, aga MMT poliitikaid järgides on täistööhõive garanteeritud. Oleks pisut imelik mõelda, et täistööhõive tingimustes saabub majanduslangus ceteris paribus. Aga see on kindlasti võimalik mitmesuguste poliitikate rakendamisel, inimestelt võetakse motivatsioon töötada vms.

Mina postkeinsisti ja MMT-lasena näen seda küsimust üldiselt sellisena, et tarvis on tabada nn “sweet spot”, kus tööjõud on nii kallis, et kapitalistid on motiveeritud tööjõudu asendama tehnoloogiaga. Töökohtade kaotust ei ole tarvis karta, sest alati on palju rohkem kasulikku teha, kui on tegijaid.

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