Investeerimimanedžer James Montier

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Investeerimismanedžer James Montier GMO-st kirjutab nii:

Executive Summary

In the context of the role that debts and deficits play in overall economic policy, in this paper I focus on the philosophy known as “sound finance,” which includes adherents who believe that governments should seek to balance their budgets. I, however, take a different view, and believe that the role of government when dealing with budget deficits should be one of “functional finance,” which ensures that the policies implemented help to reach the overarching goals of macroeconomic policy (generally held to be full employment and price stability). This paper attempts to show why the proponents of sound finance are mistaken by defining and unpacking a series of “myths” that are foundational to, or at least helpful to, convincing us that sound finance requires that governments run a balanced budget. Though not a complete list, following are the “myths” presented:

Myth 1: Governments are like households

Myth 2: Printing money to finance budget deficits is inflationary

Myth 3: Budget deficits/high debt lead to high interest rates

Myth 4: Budget deficits are unsustainable

Myth 5: Debt is a burden on future generations

GMO kohta võid siit lugeda:

About GMO

Founded in 1977, GMO is a private partnership whose sole business is investment management.


GMO proudly serves some of the most prestigious and sophisticated investors globally, focused on providing them with great investment results. We also work hard to partner with our clients by listening to them, answering their questions objectively, offering our insights proactively, finding ways in which we can add value for them, and following through on our commitments.

Our client base is comprised primarily of institutions, including corporate and public defined benefit and defined contribution retirement plans, endowments, foundations, and financial intermediaries……

About Kristjan

Defitsiidi terrorismi vastase pataljoni eriüksuslane (finantsignorantsuse vastu võitlemise osakond). Treening: MMT, postkeinsism, Tartu Ülikool Majandusteadus
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