Best of 2017: Kommt in Italien die Parallelwährung?
Wie immer zum Jahreswechsel ein Rückblick auf die Highlights des Jahres, Artikel, von denen ich denke, dass es sich lohnt, sie nochmals zu lesen. Dieser Beitrag erschien erstmals im Oktober 2017 bei bto:
Die Idee der Einführung von Parallelwährungen zur Lösung der Eurokrise ist nicht neu. Auch bei bto war das schon Thema:
→ Die Suche nach der Lösung: Plan „C“ für den Euro?
Nun scheint die Idee in Italien konkreter zu werden. Ich finde es gut und denke, am Ende werden wir wieder nationale Währungen haben. Implosion. Hier der Stand der Dinge bei unseren italienischen Freunden:
- “The Italian economic system is working far below its potential: this gap has been created first by the global financial crisis of 2008 and then by the austerity policies ‚prescribed‘ by the EU in 2011.” – bto: wie Leser meiner Seiten wissen. Italien erlebt eine Krise, schlimmer, als in den 1930er-Jahren!
- “Italy can solve this problem by introducing an adequate quantity of purchasing power in its economic system. It can’t do it by issuing euros, nor (due to the mechanisms of the Eurozone) by increasing the state deficits.” – bto: Es geht aber nicht nur um mehr Nachfrage, sondern auch um einen Weg, um die erforderliche interne Abwertung der Währung zu realisieren. Das taucht in den weiteren Gedanken nicht auf, wäre aber aus meiner Sicht wichtig.
- “The introduction of a fiscal currency might help to bypass the constraint that Rome cannot print money and maintain the impression that the euro works.“ – bto: Naja, die Iren haben ja auch Euro gedruckt. Ich denke, einen ähnlichen Trick könnte Italien auch machen. (Zur Erinnerung: Die Iren haben ihre Bad Bank einfach pleitegehen lassen und sich danach das Geld zur Entschädigung der Gläubiger der irischen Nationalbank über Anleihen besorgt, die die irische Nationalbank gekauft hat.)
- “(…) it is a particular government bond that has a value given to it by the state, even if it does not enjoy the status of a legal tender. In other words, the state binds itself to accept it, e.g. for the payment of taxes or governmental services, while business and citizens are free to use it or not.” – bto: Und sie werden es nutzen zum Bezahlen (und Euro zum Sparen!).
- “Since the state agrees to accept it but not to redeem it, it can’t default on its obligation. Such a bond is equivalent to a sovereign currency.” – bto: Und genau darum geht es. Es wird (noch mehr!) Geld geschaffen.
- “Forza Italia (Berlusconi’s party), proposes Fiscal Credit Certificates (CCF). (…) The state emits CCFs witch gives the right to a reduction in the payment of taxation (or any other financial transaction with the public sector) two years after their emission. CCFs are distributed in different ways: To workers to increase their income, as some reverse tax; To businesses to reduce the weight of taxation on income; To low-income groups as a form of social spending; as an addition to what they already get in euros.” – bto: viele gute Zwecke, die wir auch von der Vollgeldidee kennen.
- “CCFs are officially not government debt and do not add to the total amount of Italian public debt. The Italian government will accept the CCFs two years after issuance, in the meantime they can be used as a parallel currency. (…) During the two years that they are in circulation, the CCFs will function as legal tender, and the Italian government can increase its spending by paying its expenditures partly in CCFs, and without increasing the national debt.” – bto: Hm, irgendwie sind es schon Staatsschulden. Sie sind nur aus sich selbst heraus bedienbar. Aber eine Last sind sie, sinken doch die Einnahmen in Euro.
- “Movimento 5 Stelle (the movement started by comedian Beppe Grillo) (…) envisages digital fiscal money in the form of electronic cards distributed among the public. Units of value can be used for the purchase of goods and services in the private sector. Unlike the other versions of ‚fiscal money‘, this one would not require the 2 years delay after the emission. The use to pay taxes will be possible in installments, say 20 % per year starting from the beginning. – bto: Hm, irgendwie sind es schon Staatsschulden. Sie sind nur aus sich selbst heraus bedienbar. Aber eine Last sind sie, sinken doch die Einnahmen in Euro.” – bto: Das ist aber inhaltlich dasselbe. Und darum geht es hier ja.
- “Lega Nord and in particular Claudio Borghi, responsible for economic policies, propose the emission of ‚Minibots‘, or CCFs that would circulate in the form of paper with the same size as the euro banknotes. Minibots would be issued to businesses or individuals who have the right to a fiscal deduction. Instead of a tax deduction, the company or person receive an equal amount of ‚Minibots‘, Minibots could be used immediately to pay taxes or as a form of payment for services by state enterprises.” – bto: also in der Tat eine Form von Helikoptergeld.
- “Fiscal money is an instrument manageable by the national government to boost both internal demand and increase the competitiveness of Italian businesses by lowering the taxation. It restores in the euro-system the flexibility necessary to correct its dysfunctions, without necessarily breaking it.” – bto: was inhaltlich stimmt. Die Euro-Steuereinnahmen sinken zwar, dafür gibt es mehr Nichteuro-Ausgaben.
- “The fiscal money idea is not in conflict with any existing EU legislation.It is not a currency as the law does not force its acceptance. Therefore it does not violate the principle of monetary monopoly of the ECB when it comes to emitting legal tender, the euro. It is not public debt. Eurostat rules clarify without ambiguity that it is not debt as long as the public sector is not forced to make payments in it. Fiscal money is a non-payable tax credit: it does not create a right to be paid but a right to reduce the tax payments due.” – bto: Damit beeinflusst es die Euroeinnahmen, was aber nebensächlich ist. Die Kernidee ist richtig.
- “Naturally, the existence of fiscal money can constitute a first step for a state to leave the euro system if at a certain point the fiscal money is declared legal tender instead of the euro. The Emission of fiscal currency comes with a risk: it could be the end of the euro. However, the real risks of the end of the euro result from the design flaws of the Eurozone and are not created by the emission of fiscal money.The Eurozone problems already exist and will continue until the ongoing dysfunctions are fixed, dysfunctions that the fiscal money helps to overcome.” – bto: Das sehe ich genauso. Es ist der Einstieg in den Ausstieg und es funktioniert.
→ GEFIRA: “Italy’s parallel fiscal currency: all you need to know”, 14. Oktober 2017