Demokraatlik raha helikopteritelt

Simon Wren-Lewis kirjutab rahast tegelikult üsna läbi MMT prisma, et mis oleks, kui helikopteri raha (metafoor kasutusele tulnud Milton Friedmani poolt) oleks demokraatlik. Kui keskpankadelt oleks iseseisvus ära võetud? Iseenesest õige mõte. Õige mõte juba seetõttu, et meil on mingisugune asutus, mis seisab justkui kõrgemal demokraatlikult valitud valitsusest, seda juhivad demokraatlikku mandaati mitteomavad tehnokraadid. Muidugi teisest küljest MMT väidab, et praegune ujuvkursiga süsteem juba on riigikassa põhine, mitte ei tuleks selleks muuta ja valitsust ei piira praegu miski. Samas sai tänu sellisele “keskpankade iseseisvusele” ka euro sellisel kujul üldse sündida.  Üks on aga kindel, iseenesest on ju vale, et meil on niisugune institutsioon, mis kasvõi näiliselt seisab valitsusest kui mitte kõrgemal, siis iseseisvana. Siis võiks ju öelda, et teeme Eesti Energia ka iseseisvaks ja paneme tehnokraadid seda juhtima, muidu poliitikud kuritarvitavad oma elektrijanu? Can helicopter money be democratic?

Helicopter money started as an abstract thought experiment: money would be created and just distributed to individuals by helicopter. If we think of a consolidated government which includes its central bank, then it is clear that in technical terms this is a combination of monetary policy (the creation of money) and fiscal policy (the government giving individuals money). Economists call such combinations a money financed fiscal stimulus. With the advent of Quantitative Easing (QE), it has also been called QE for the people.
Some have tried to suggest that central banks could undertake helicopter money for the first time without the involvement of governments. This is a fantasy that those who dislike the idea of government have concocted. Others who dislike the idea of fiscal policy have suggested that helicopter money is not really a fiscal transfer. That is also nonsense.
Helicopter money is a particular form of money financed fiscal stimulus. It has two key features among the class of all possible money financed fiscal measures. The first is that it involves a particular kind of fiscal policy. A helicopter would distribute this fiscal transfer randomly, but what most people have in mind is an equal distribution to every person (adult?) – a kind of reverse poll tax, or what economists would call a lump sum transfer. The second is that, once the apparatus for helicopter money had been established by the government, its use would be initiated by the central bank, whereas other fiscal transfers are initiated by the government.
I want to suggest that it is this second aspect that is critical. You could imagine the government making a transfer to every person, and you could also imagine the central bank distributing money to only those people who paid income tax the previous year. The fact that helicopter money is initiated by the central bank seems more like a defining characteristic. If helicopter money could be ordered by the government, we would say that the central bank was no longer independent…..

See mõte rasvases osas ongi see, mille kohta MMT väidab, et juba praegu saab valitsus seda helikopteri raha tellida iga kell, tal tuleb vaid defitsiitselt kulutada. Mina ütlen endiselt, et jutt keskpankade iseseisvusest on muinasjutt. Iseasi kas meil selliseid muinasjutte vaja on ja euro sündimine oma praegusel kujul näitab ju selgelt, et sellised muinasjutud on suutnud kahju tekitada. Kui mõni mõtleb öelda, et poliitikud ei saa hakkama monetaarasjadega ja meil on spetsialiste vaja keskpanka, siis need tehnokraadid seal on kõikjal ja alati demonstreerinud, millised “spetsialistid” nad on.

About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
This entry was posted in English, Estonian. Bookmark the permalink.

Lisa kommentaar

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Muuda )

Twitter picture

You are commenting using your Twitter account. Log Out / Muuda )

Facebook photo

You are commenting using your Facebook account. Log Out / Muuda )

Google+ photo

You are commenting using your Google+ account. Log Out / Muuda )

Connecting to %s