Comments 5

البنوك المركزية والانتقام من السياسة

Nov 1, 2016 Otmar Issing

فرانكفورت ــ كانت سُمعة البنوك المركزية في ارتفاع وانخفاض دوما. ولسنوات، كانت هيبة البنوك المركزية في ارتفاع غير مسبوق. ولكن التصحيح الآن يبدو حتميا، بعد أن أصبح استقلال البنوك المركزية ضحية رئيسية.

بلغت سُمعة البنوك المركزية أوجها قبل وعند بداية القرن، وذلك بفضل ما يسمى "الاعتدال العظيم". فبفِعل التضخم المنخفض والمستقر، والنمو المستدام، ومعدلات تشغيل العمالة المرتفعة، كان كثيرون ينظرون إلى البنوك المركزية باعتبارها سادة الكون، فهي قادرة على إدارة الاقتصاد ــ ومن المتوقع منها أن تفعل ذلك ــ لصالح الجميع. وكان تصوير رئيس بنك الاحتياطي الفيدرالي الأميركي ألان جرينسبان على أنه "المايسترو" مثالا واضحا لهذا التصور.

في مستهل الأمر، دعمت الأزمة المالية العالمية في عام 2008 سُمعة البنوك المركزية. فبفضل التحرك الحازم، قدمت السلطات النقدية مساهمة كبيرة في منع تكرار الكساد الأعظم. ومرة أخرى، كانت البنوك المركزية محل إشادة باعتبارها منقذ الاقتصاد العالمي.

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Marco Saba Nov 7, 2016

I have a suggestion for Mr. Issing: Seigniorage: The Honest Government's Guide to the Accounting of the Revenue from Money Creation http://leconomistamascherato.blogspot.it/2016/07/banknotes-and-currency-are-liability-of.html
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B Wilds Nov 6, 2016

Both Wall Street bankers and the government, including the Federal Reserve, hold great sway over the economy. This is true with bankers and central banks across the world. When forced to ask which is the worse of these two evils the answer is very troubling. Government wins hand down. We elect politicians to lead, protect and guide us, we do not elect or appoint bankers.

Years ago President Eisenhower warned the American people about the Industrial Military complex, but nobody warned us an even more evil alliance that of the "Financial-Political Complex." The article below explores this beast and how it came to be.

http://brucewilds.blogspot.com/2016/06/lessor-of-two-evils-wall-street-bankers.html
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Luca Grande Nov 4, 2016

As the Great Jim Rogers often say: "the Chairman of the Federal Reserve should abolish the Fed and then resign". The same nowadays can be said about all major central banks: if their job was to oversight the banking system, it would be ok for it to exist as non elected technocratic led institution but when that institution assumes key powers in managing the global economy it is really absurd to support the case of "Independency".
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Frits Fiene Nov 2, 2016

The notice that central banks are independent is misguided. It is clear that they serve (geo) political goals. Now the end game is nearing because negative interest rates destroy the basis of capitalism and also the financial system. But rising rates also pose an unsolvable problem. So there is no exit from the disastrous central bank policies induced by current politicians.
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Colin Doyle Nov 1, 2016

Mr Issing does not seem to understand the anger that many savers feel at the derisory interest rates now available. If central bankers want to keep free of politicians, put savers' rates back to 5% - 5.5% and adapt other monetary policies in consequence.
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البنوك المركزية والانتقام من السياسة

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