Taevamanna

‘Helicopter money’ is not manna from heaven, Bundesbank chief says

“Helicopter money”, or free cash dished out to citizens in a bid to stimulate spending and inflation, would end up costing euro zone states and therefore also cost taxpayers, the head ofGermany‘s central bank said in an interview with a group of regional German newspapers.

After years of increasingly desperate attempts to kick-start growth, some bankers and finance officials fear monetary policy is running out of effective ammunition and future stimulus efforts could even be harmful. Economists say “helicopter money” would be a last resort.

“Helicopter money is not manna that falls from heaven – it would actually rip huge holes in central bank balance sheets,” Bundesbank President Jens Weidmann told German media group Funke’s newspapers.

“Ultimately euro zone states and therefore taxpayers would end up having to bear the costs because there wouldn’t be central bank profits for a long time,” said Weidmann, who is also on the European Central Bank’s (ECB) decision-making Governing Council….

Sellise jutu peale oleks tarvis kedagi, kes talle ütleks, et ECB aktsepteerib tagatisena valitsuste võlakirju, siis ei jää auku ECB bilanssi. Valitsused emiteerivad võlakirju ilma maksumaksja otsese osaluseta. Ei ole isegi tarvis, et ECB neid ostaks, tähtis on, et ta aktsepteeriks neid tagatisena või garanteeriks need muul viisil. Kõik, tehtud. Eurotsoon võiks kohe korralikku kasvu hakata näitama. Valitsuse võlakirju tahaksid investorid väga, kui need veel positiivset intressi ka pakuksid. Nemad kehtestavad negatiivse intressi, sest näevad kõike pahupidi. Midagi ütled neile, siis nad ütlevad, et rääkigu neile midagi, mida nad ei teadnud    🙂

About Kristjan

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