Bank of England Nur Photo/Getty Images

وعد المال الضريبي

أثينا - لا تزال الرأسمالية الغربية تحتفظ ببعض المقدسات. لقد حان الوقت للتساؤل عن أحدها: استقلال البنوك المركزية عن الحكومات المنتخبة.

إن الأساس المنطقي لإسناد السياسة النقدية بالكامل إلى المصارف المركزية مفهوم الآن: يشكلالسياسيون، الذين حاولوا خلال الدورة الانتخابية خلق المزيد من المال، خطرا على الاستقرار الاقتصادي. وفي حين احتج المتظاهرون على أن البنوك المركزية لا يمكن أبدا أن تكون مستقلة، لأن استقلاليتها من المسؤولين المنتخبين يزيد من اعتمادها على الممولين الذين من الضروري مراقبتهم، فإن الحجة المؤيدة لفصل السياسة النقدية عن السياسة الديمقراطية لازالت سائدة منذ السبعينيات.

وبغض النظر عن الجدل السياسي، تستند استقلالية البنك المركزي إلى مبدأ اقتصادي محتمل: كون الأموال والديون (أو الائتمان) قابلة للفصل التام. فالديون  يمكن تداولها محليا - على سبيل المثال، سندات حكومية أو شركات يتم شراؤها وبيعها بسعر يتأثر بعوامل التضخم والتخلف عن السداد. والمال، من ناحية أخرى، لا يمكن أن يكون افتراضيا، وهو وسيلة، وليس هدفا للصرف (على الرغم من سوق العملات).

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