Randall Wray: jakin nahi zenuen ia guztia…


Wray-k euroaz, Alemaniaz, Frantziaz, Britainia Handiaz eta Japoniaz jakin nahi zenuen ia guztia idatzi berri du hitz oso gutxitan[1]:


 


a)  Euroari buruzko iragarpena:  jadanik ikusitakoa.


 


b)  EBz:


 


They added nations with wages and living standards that were barely above subsistence level—indeed, nations that were willing to reduce living standards below subsistence if only they could join and reap the supposed benefits of joining the most dysfunctional empire ever constructed.


 


c)  Alemaniaz:


 


And they let Germany add cheap workers within its eastern half and then extend its reach to those low cost new additions as it came to account for 75% to 80% of all European exports. There has never been any international arrangement, anywhere, at any time in human history, that so-favored a nation.


 


Are gehiago:


 


And when things went predictably bad for all of Germany’s neighbors, Germany pointed its finger at its victims and insisted that they were at fault for Germany’s success. No more porridge for them!


 


d)  Jende asko hurbildu da DTMra:


 


As evidence that the world is coming around (finally) to the MMT view, take a look at Dean Baker’s excellent piece[2].


 


e)  Paul Krugman ere hurbildu da DTMra:


 


He shined his headlights on the obvious[3]: the reason why interest rates on government debt are not exploding in countries like Japan, the US, and the UK is because they issue their own currencies.


 


f)  Japonia ere aipatzen du Wray-k:


 


Japan is the champion nation in terms of budget deficits and government debt relative to GDP. Many have long argued (wrongly) that this is because holders happen to have addresses in Japan.


 


Nonsense. A sovereign government that issues its own currency makes interest payments on its debt in exactly the same manner whether the holder has an address at the South Pole or on Mars: a keystroke to a savings deposit at the central bank. What matters is whether the country issues its own currency.


 


g)  Frantziaren eta Bretainia handiaren arteko desberdintasuna ondokoan datza:


 


That is why the little spat between the UK and France—with France insisting that credit agencies ought to down-grade the UK before they downgrade France—is so silly. France can have a debt ratio under 15% of GDP and still be forced to default. The UK can have a debt ratio above Japan’s 200% and still face no chance of involuntary default.


 


Moneta erabiltzailea eta moneta jaulkitzailea:


 


That is the beauty and utility of issuing your own currency. France is a currency user and its fate depends on Germany—which is busy sucking up every spare Euro it can lay its greedy hands on. France is no better off than the panhandler on the street corner begging for pocket change—a user of currency, not an issuer.