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现代货币胡说

坎布里奇—美联储似乎击退了总统特朗普的猛烈的推特攻击,而央行独立性的新的斗争也已经展开。这场斗争很可能动摇整个全球金融体系。

众多美国进步派领导人——他们很有可能在2020年大选后掌权——支持用美联储的资产负债表当现金奶牛为扩张性的新社会项目提供资金,特别是在当前低通胀和低利率的环境下。这一概念的主要支持者常常将它称为“现代货币理论”(或MMT),他们中包括民主党最闪耀的新星之一、国会女议员亚历山德里亚·奥卡西奥-科尔特兹(Alexandria Ocasio-Cortez)。他们的观点有一点真理的成分,但也存在不少根本性的概念错误。

美联储主席杰罗姆·鲍威尔(Jerome Powell)在被问及对这一新进步派思维有何评论时,几乎按捺不住。“赤字对于可用本国货币借贷的国家无关紧要,这样的观点我认为是完全错误的,”鲍威尔在上个月的参议院听证会上。他还认为美国的债务相对GDP水平已经很高,而更糟糕的是,债务增长速度远快于应有水平。

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