Islandia: sektore balantzeak

Olafur Margeirsson@IcelandicEcon1

#Iceland economy kept up by exports while the private sector pays back debts. Notice the massive build-up of private debt pre 2008 #MMT

2016 aza. 1

Nathan Tankus@NathanTankus

@IcelandicEcon am I reading that right that’s a nearly 30% private sector deficit in 2006? insanity

Olafur Margeirsson@IcelandicEcon

@NathanTankus yes indeed. I still haven’t found a country that has ever managed to do this. If you know one, plz let me know! #WorldRecord

Nathan Tankus@NathanTankus

@IcelandicEcon will do. I suspect it is the world record-since data collection began at least.

Nathan Tankus@NathanTankus

@IcelandicEcon is there financial net worth data? would love to know what percentage of financial net worth disappeared each year.

Olafur Margeirsson@IcelandicEcon

@NathanTankus not sure, will look. But Statistics Iceland website is actually pretty good. And it’s in English so you can take a peek

Nathan Tankus@NathanTankus

@IcelandicEcon will do sometime… overloaded right now. and financial net worth for private sector takes a little work to assemble.

Olafur Margeirsson@IcelandicEcon

@NathanTankus true. And in case of Iceland you may have to look up data from Central Bank as well. No ‘One Stop Shop’ available

Sektore balantzeak direla eta, gogoratu ondoko hauek (in Euskoaren sormena, hutsetik):

(i) Azken Atzerapen Globalaz: sektore pribatua defizitean, aktiboak galduz, eta gero eta zordunago bilakatuz. Zorrak azkenean ezin direlako ordaindu, krak edo hondamendia gertatu zen

Professor Kelton then goes on to show the graph of United States sectoral balances. Modern Money Theorists were predicting the Great Recession as early as the 1990s, because the private sector had gone into deficit, meaning the private sector was losing assets and becoming more and more indebted. That kind of thing is unsustainable for very long, and eventually results in a crash as debts can no longer be paid.

(ii) Bonoen salmentak, aurreztaileei interesak ordaintzearren. Dolarrak metatzen dituzten atzerritar inbertitzaileek zein atzerritar herrialdeek ez dute zamatzen barneko sektore pribatua. Gobernuak ez du behar zergak altxatzea bono-edukitzaileei atzera ordaintzearren.

And finally, Kelton demonstrate how bond sales work. First, a bond sale by the government is NOT “borrowing money,” but rather is a service to pay interest to savers. (The government doesn’t need its own currency back in order to spend, and you can’t even buy a bond until the government has first spent some currency into existence so that you have the bond). Investors and foreign nations who accumulate our currency (because they run trade surpluses against us) choose to buy our bonds because the bonds pay interest, while the cash they hold doesn’t. This in no way burdens the domestic private sector though: the government does not need to raise taxes in order to spend or pay back bondholders.

Islandiak DTM behar du!

Ikus ondoko link hauek:

Islandiak frogatzen du nazio-estatua bizirik eta ongi dagoela (1)

Islandiak frogatzen du nazio-estatua bizirik eta ongi dagoela (eta 2)

Islandia eta DTM (Bill Mitchell-en eskutik) (1)

Islandia eta DTM (Bill Mitchell-en eskutik) (2)

Islandia eta DTM (Bill Mitchell-en eskutik) (3)

Islandia eta DTM (Bill Mitchell-en eskutik) (eta 4)


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