DTM: dibulgaziorako hasiera on bat

Hona hemen dibulgazio mailan, DTM zertan datzan ikasteko, hasiera on bat:

How to run a currency Part I: Getting the words right¹

Puntu garrantzitsu batzuk:

(i) Monetaren sortzea (ala sormena?):

Currencies are a creation of governments, not us. 

We now know that sovereign nations are the monopoly issuer of their own currencies. They create money when they credit bank accounts of businesses and citizens in the economy and they remove it when they tax. Money proceeds first from the government and later returns to it (like any redeemable token), while some gets left in the economy for us to save. Government money doesn’t first originate in the private sector to be later taken by the government via taxation. This sequence is the opposite of how most of us were taught and the implications are profound.

(ii) Bankuak eta Estatu-dirua:

Bank money isn’t like government money. 

Banks can also create new bank money out of thin air when they issue new loans. Bank money is often made to be exchangeable for government money and called by the same name (e.g. Dollars or Yen), but it never adds to the net financial wealth of the private sector because for every bank dollar created there is a corresponding financial debt owed. For every bank-money saver, there is a bank-money debtor. Government money gets added to the economy as a net financial asset for the private sector but bank money never does.

(iii) Zergak eta gobernuaren gastuak:

Taxes don’t give governments money to spend. 

Since money is created when the government credits bank accounts, the private sector can only get government money AFTER it has first been spent into existence. Hence, taxes are never needed to fund government spending. In fact, it is the opposite: the private sector needs the government to “spend into existence” the money that we must obtain in order to then pay our taxes. Taxes then generally serve the purpose of creating demand in the private sector for the money units that the government chooses to issue so that we will accept those money units when the government pays us for the resources or labor it has been authorized to obtain. This dramatically changes how we think about what and how to tax.

Hamaika gai interesgarri topa daitezke blog horretan zenbait ataletan banatuta: diruari buruzko mitoak, nola funtzionatzen duen diruak, diruaren garrantzia, irtenbideak, …

Blogaren egileak, Geoff Coventry-k dioenez,

“This blog is based significantly upon the writings of economists Warren Mosler and Randall Wray (and a few others). I highly recommend their books, The Seven Deadly Innocent Frauds of Economic Policy, Soft Currency Economics, and Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems as a starting point for understanding the inner workings of the monetary system, and the many practical applications that follow.”