Suposa dezagun estatua subiranoa dela, hots, moneta jaulkitzailea (AEBak, Japonia, Britainia Handia, Kanada, …, Islandia eta abar)
Behekoa ez zaie aplikatzen Europar Batasuneko estatu kideei, berauek moneta erabiltzaileak direlako, ez moneta jaulkitzaileak.
Dena den, EBn badago banku jaulkitzaile bat: EBZ
EBZ-k EBko estatu desberdinei finantzatzeko daukan ahalmenerako, ikus ondoko hau: EBZ azken bolada honetan (eta Ezkerra)
Segida:
Replying to @jjmorris123 @netbacker
That’s not right. Ok, let’s go through the Fed/Treasury operations! Bear with me as this is complicated, and it’ll take a while.
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Replying to @DeficitOwls @jjmorris123 @netbacker
Ok, let’s first consider the general case. To start, here’s an analogy of a husband and wife. Yes, they each have separate balance sheets,
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but for the purposes of family finances, we can consolidate them into a single B/S. An asset of the husband is an asset of the family, an
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asset of the wife is an asset of the family, a liability of the husband is a liability of the family, and a liability of the wife is a
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liability of the family. If the husband owed money to the wife, this would be both an asset and liability of the family, which cancels out.
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In other words, debts between parts of the family don’t affect the financial position of the family as a whole. They net to zero when we
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consolidate the B/S. And it’s the same for the gov. An asset of the Fed is an asset of the gov, an asset of the Treasury is an asset of the
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gov, a liability of the Fed is a liability of the gov, a liability of the Treasury is a liability of the gov. If the Fed owes the Treasury,
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or if the Treasury owes the Fed, these are both assets and liabilities of the gov, so they cancel out, net to zero, as before. Merely
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internal accounting, which doesn’t affect the financial position of the gov. So, the Treasury General Account (TGA) is an asset of the
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Treasury and liability of the Fed, so on the consolidated balance sheet it cancels out. Likewise, any Treasury bonds held by the Fed is an
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asset of the Fed and liability of the Treasury, so those too cancel out on the consolidated B/S. So, armed with this, let’s go through the
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operations for the “general case.” When gov spends, the Fed credits a bank’s reserves. This increases the liability of gov. And gov’s
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assets grow by the amount of whatever the gov purchased. The gov B/S expanded. (The Fed also debits the TGA, but that cancels out on the
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consolidated B/S). The right way to think of this is gov issuing an IOU (reserves) in order to purchase goods/services. What about when gov
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receives a tax payment? The Fed debit’s a bank’s reserves, shrinking the gov’s liability, and somebody’s “Taxes Payable” is reduced,
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shrinking the gov’s assets. (The TGA is also credited, but this cancels out in the consolidated B/S). The gov B/S contracts. The right way
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to think of this is gov redeeming its IOU (reserves) by accepting them back to settle debts to gov (tax obligation). Ok, that’s the
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spending and taxing operations. How about bond sales? When gov sells bond to the private sector, let’s say a bank, the Fed debits the bank’s
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reserves but credits the bank’s securities account. The bank assets/gov liabilities are unchanged, but their form changes, from reserves to
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bonds. The right way to think about this is swapping 1 gov IOU for another kind of gov IOU. The reverse for maturing or buying back bonds.
