Sia direttamente sul blog che su Facebook ho ricevuto diversi commenti in merito al mio ultimo post sull'inflazione , dove mi si ricordavano gli effetti nefandi e nefasti della stessa: scrivo quindi questa breve nota di chiarimento.
Ciò che ho scritto non è il mio auspicio - ci mancherebbe! - ma il mio presentimento : temo infatti che a livello di policy makers stiano seriamente facendo un pensierino sulla possibilità di usare l' "opzione zero" inflattiva to "wipe the slate clean" and get rid of debt.
add, however, an invitation to reflection, based on the raw and hard Realpolitik that today's world offers us a better classic default generalized Governments, businesses and families (under the objective impossibility of repay all the debts) or tremendous inflation, which "burn" the debts?
The first choice is more "correct" and goes into the "moral leadership" more just, with a view - which I have always maintained - the "who pays wrong" in this case to pay means the end of the substantial welfare been , mass layoffs in the public sector, rising taxes. This is because a failure of a sovereign country makes it impossible to borrow on financial markets, and therefore the government budget balance has to be done with the sun internal resources (read: tax), which are often not sufficient and make then forced a radical cut in public spending.
The second choice is more "by sly" and is also the most historically used by governments in trouble with debt - Weimar Germany dealing with the so-called war reparations remember anything? - And has the negative consequence the collapse trustee of the monetary system (ie one based on paper money), by virtue of loss of essential stability of purchasing power and therefore the value of money.
do not know which of the two is "better": personally I would hope neither , however realism and pragmatism tells me that these are the two options we have - or rather, have governments - in front. ..
Hoping to have clarified what I think, I take this opportunity to greet the few readers of the blog : I'm about to go to the countryside to enjoy a bit 'of fresh air and to study in peace, away from the thousand distractions haunt me.
We read in ten / fifteen days!
Lord Tojo
Ciò che ho scritto non è il mio auspicio - ci mancherebbe! - ma il mio presentimento : temo infatti che a livello di policy makers stiano seriamente facendo un pensierino sulla possibilità di usare l' "opzione zero" inflattiva to "wipe the slate clean" and get rid of debt.
add, however, an invitation to reflection, based on the raw and hard Realpolitik that today's world offers us a better classic default generalized Governments, businesses and families (under the objective impossibility of repay all the debts) or tremendous inflation, which "burn" the debts?
The first choice is more "correct" and goes into the "moral leadership" more just, with a view - which I have always maintained - the "who pays wrong" in this case to pay means the end of the substantial welfare been , mass layoffs in the public sector, rising taxes. This is because a failure of a sovereign country makes it impossible to borrow on financial markets, and therefore the government budget balance has to be done with the sun internal resources (read: tax), which are often not sufficient and make then forced a radical cut in public spending.
The second choice is more "by sly" and is also the most historically used by governments in trouble with debt - Weimar Germany dealing with the so-called war reparations remember anything? - And has the negative consequence the collapse trustee of the monetary system (ie one based on paper money), by virtue of loss of essential stability of purchasing power and therefore the value of money.
do not know which of the two is "better": personally I would hope neither , however realism and pragmatism tells me that these are the two options we have - or rather, have governments - in front. ..
Hoping to have clarified what I think, I take this opportunity to greet the few readers of the blog : I'm about to go to the countryside to enjoy a bit 'of fresh air and to study in peace, away from the thousand distractions haunt me.
We read in ten / fifteen days!
Lord Tojo
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