“Japan offers a glimpse into the future”

Gestern Morgen haben wir die Lösung aller Probleme am Beispiel Japans diskutiert. Die Helikopter kommen und tilgen mal nebenher die Staatsschulden. Einfach so. Monetarisierung und alle Probleme sind gelöst. Die FT sieht es als Blick in die Zukunft:

  • “Let’s jump ahead to where the world is going. In Japan, which has battled deflation for two decades, many consider the prospect of regular rises in consumer prices to be dead.” bto: Die FT charakterisiert die Eiszeit!
  • The currency has also been rising in value (…)  a sign, perhaps, the market doubts the effectiveness of policy from the Bank of Japan.” – bto: Das könnte der Beginn des von vielen befürchteten Vertrauensverlustes in die Notenbanken sein.
  • Strategists and investors argue more must, and will, soon be done.” bto: Es wirkt zwar nicht, also erhöhen wir die Dosis!

Und dann nähert sich die FT der Lösung aller Probleme:

  • “Yet if Haruhiko Kuroda, governor of the central bank, really wants to create inflation then he should be able to do so with the stroke of a single key: delete.”
  • The BoJ has accumulated around a third of outstanding Japanese government bonds, and committed to buying Y80tn every year until inflation is resurrected. Were it to carry on at that pace, the Japanese government bond market could disappear early in the next decade, (…).”bto: Alle Staatsschulden wären dann durch Geld ersetzt worden, also monetarisiert.
  • “(…) central bankers are a part of government just like civil servants, police and generals.” – bto: Und nur der Regierung dienen sie eigentlich!
  • Japan is turning its debt into money by having one arm of the state lend to the other. The result is likely either to be the desired revival of inflation, the removal of what some have long warned is a teetering tower of debt, or perhaps both.”
  • Japan led the way in the past. It was first in the modern era to take rates to zero, in 1999; first to introduce quantitative easing, in 2001; and first to experiment with taking credit risk two years later.”

“Cancelling debts might be extraordinary, (…). (…) In a world where politics is radical, monetary policy will surely not be far behind.

→ FT (Anmeldung erforderlich): “Japan offers a glimpse into the future”, 28. Juni 2016