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Economics

El dinero fiscal puede salvar al euro, o destruirlo

Jun 17, 2019 Yanis Varoufakis

ATENAS – Es una sensación curiosa cuando uno ve un plan propio usado para un propósito totalmente contrario al original. Es la que tengo desde que me enteré de que el gobierno de Italia tiene intenciones de implementar una variante del dinero fiscal que propuse para Grecia en 2015.

Mi idea era instituir un sistema de pagos digitales respaldado con la recaudación impositiva para crear un margen fiscal en los países de la eurozona que lo necesitaban, como Grecia e Italia. El plan italiano, en cambio, usaría un sistema de pagos paralelo para desintegrar la eurozona.

Según mi propuesta, a cada número de identificación tributaria de personas o empresas se le asignaría automáticamente una cuenta de tesorería (CT) con su respectivo número de cuenta para transferir fondos desde una CT a otra o al Estado.

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Scott Barfield Jul 19, 2019

A mystery. A state-of-the-nation satire. A family conflict.

Who are the Bond Vigilantes?
Who is sending threatening anonymous letters …?

Anthony Pagnell is the Rock ’n’ Roll economist, a professor at the London School of Economics with a bestselling book, the Money Revolution. Famous for his trademark leather jacket, Pagnell commands large audiences and media attention. The newly elected radical prime minister, Coby Bryan, is a big fan of the professor’s work.

But trouble has arisen. The UK Tea Party is actively protesting against Anthony. Charles Pagnell, a City bond trader, has a key client from China losing investment billions. Campus riots end in violence. And domestic issues: an inappropriate relationship with a female PhD student, and an angry teenage son.

The Shadow of the Vigilantes is an entertaining look at society and a family beset with division.

https://www.amazon.co.uk/Shadow-Vigilantes-Scott-Barfield-ebook/dp/B07SX3Y521/ref=sr_1_1?crid=2Y8B4RMZ5ZYA5&keywords=the+shadow+of+the+vigilantes&qid=1561460076&s=gateway&sprefix=the+shadow+of+the+vi%2Caps%2C125&sr=8-1
The Shadow of the Vigilantes eBook: Scott Barfield: Amazon.co.uk: Kindle Store
The Shadow of the Vigilantes eBook: Scott Barfield: Amazon.co.uk: Kindle Store
www.amazon.co.uk
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Mauricio Duran-Loriga Jun 19, 2019

The tax credit may work on paper in a dissertation in Oxford. Certainly never in Greece, a country where tax recollection is almost a miracle, a country where taxmen approaching certain areas are repelled by people using brute force, to never come back again.

The Mini-Bot, I agree, it's a fiat parallel currency. You describe it as a perpetual bond with no yield. Good. What is the Euro? A perpetual bond with no yield.

When two currencies compete, the weaker is quickly demised. Always. The Italian Mini-Bot can not co-exist with the Euro, it would lose value at the speed of light and people would reject holding any MiniBot in a very short period of time.

Italy restorted to Lira devaluation for decades to regain competitiveness. The MiniBot would not produce what Italy desperately needs.

Italy needs a currency devaluation against its competing peers.
What Italy does not need is a round of massive internal devaluation through the MiniBot. It would not even cause internal inflation. It would straight away head into a deflationary spiral of "capital destruction".
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Paul Friesen Jun 19, 2019

I often wonder if it would not be better if the Euro did end. It is pretty clear to me, in hindsight, that it was a mistake in the first place. It does not necessarily follow that it would be better for the countries of Europe to return to having their own currencies, given the huge disruption that would ensue, but it seems at least possible that the long term gain would be worth the short term pain.

The problem with large areas having a single currency is that it makes regional adjustment very hard. If Greece had had its own currency when its real estate boom collapsed, the currency would have fallen in value, boosting exports and helping to stave off unemployment. On the Euro, this could not happen. Greece has been forced to try to re-balance its prices through deflation, a very slow and painful process.

Large countries that successfully implement single currencies over a large area all have ways in which there is re-distribution from parts of the country that are doing well to those that, at any time, have a lack of demand. That seems to be politically impossible in Europe. If that continues to be the case, the cost of the lack of adjustability over the long term could outweigh the short-term cost of a breakup. Hopefully, the countries of Europe could maintain at least free trade among themselves, but each have their own currency.
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El dinero fiscal puede salvar al euro, o destruirlo

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