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Aug 18, 2014 Karl-Theodor zu Guttenberg , Richard A. Werner

برلين- ساوثهامبتون – لقد قامت دول بريكس (البرازيل وروسيا والهند والصين وجنوب افريقيا) بالاعلان عن تأسيس بنك تنميه خاص بها والذي سوف يخفض الاعتماد على البنك الدولي وصندوق النقد الدولي واللذين يهمين عليهما الغرب ويركزان على الدولار. ان هذه الاقتصادات سوف تستفيد من اية زيادة في قوة ومرونة السياسة النقديه ولكن يجب ان لا نطرح جانبا الدروس القيمه التي تقدمها البنوك المركزيه في الدول المتقدمه فيما يتعلق بالابتكارات الاخيره في مجال السياسه النقديه .

لقد قام البنك المركزي الاوروبي في يونيو باتباع خطى بنك انجلترا سنة 2012 وذلك باتباع سياسة الائتمان البنكي للاقتصاد الحقيقي كهدف جديد وبعد اسبوعين اعلن بنك انجلترا تقديم احد نماذج ارشادات الائتمان من اجل الحد من مقدار الائتمان الذي يتم استخدامه في التعاملات المتعلقة باصول العقارات .

قبل الازمه الماليه سنة 2008 كان سيتم الاستخفاف بتلك السياسات حيث كان سيتم اعتبارها كتدخلات لا مبرر لها في الاسواق الماليه وفي سنة 2005 عندما أوصى واحد منا (فيرنر) بمثل هذه السياسات لمنع الازمات المصرفيه المتكرره لقي نقدا لاذعا.

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Karl-Theodor zu Guttenberg

Writing for PS since 2013
4 Commentaries

Karl-Theodor zu Guttenberg is a former German Minister of Economics and Technology, Chairman of Spitzberg Partners LLC, and a nonresident distinguished statesman at the Center for Strategic and International Studies.

Richard A. Werner

Writing for PS since 2014
2 Commentaries

Richard A. Werner is Professor of International Banking at the University of Southampton and author of New Paradigm in Macroeconomics.

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0 Comments on this paragraph, 13 Comments on this article

Oliver Helbing Oct 16, 2014

Zwei Lobbyisten, die dafür bezahlt werden, zu ignorieren, dass sich die Notenbanken fest in der Hand der großen Geschäftsbanken befinden. Und deren Interessen vertreten.
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Hartmut Rißmann Oct 6, 2014

For german readers:

"Die zügellose Geldschöpfung durch private Großbanken hat eine enorme Instabilität erzeugt und das Grundprinzip untergraben, dass Geldschöpfung dem Wohl der Allgemeinheit dienen soll. Das muss nicht so sein. Durch die Einführung von Sicherungsmaßnahmen, die gewährleisten, dass Kredite produktiven und gemeinnützigen Zwecken dienen, können politische Entscheidungsträger schuldenfreies, stabiles und nachhaltiges Wirtschaftswachstum erzielen. "

Die "Sicherheitsmaßnahmen" für die Kreditvergabe in z.Bsp. Deutschland, genannt "Basel" sind mit das größte Problem bei der Kreditvergabe an Unternehmen. Gerade in schwierigen wirtschaftlichen Zeiten, wie sie sich z.Zt. darstellen, muss man feststellen, das Investitionsbereitschaft durch strenge Kreditvergabebedingungen abgewürgt wird, trotz Sonderprogrammen der EU für die Banken. Diese horten lieber dieses Geld , statt es an die Wirtschaft weiterzugeben.

Allerdings erschwert ein wirtschaftlich schwieriges Umfeld auch die Nachfrage nach Krediten.
Kleinere und mittlere Unternehmen neigen doch eher zu Vorsicht, als sich in "finanzielle Abenteuer" zu begeben.

Der Artikel von Karl-Theodor zu Guttenberg und Richard A. Werner zeigt das Bankenproblem nochmal sehr schön auf und erläutert an einigen Beispielen, wie man Banken dazu bringen könnte, mehr Kredite der Wirtschaft zur Verfügung zu stellen.
Doch sind alle Maßnahmen wirkungslos, wenn das politische Umfeld nicht stimmt. Sanktionen z.Bsp. sind alles andere als der Wirtschaft förderlich , politisch aber gelegentlich notwendig. So kommt es in der aktuellen Situation darauf an, die Konflikte in der Welt und in Europa schnellstens zu beenden. Durch die Vernetzung der Welt wirken sich regionale Konflikte längst auch auf den Rest der Welt aus. So könnte dies ein Hoffnungsschimmer sein, das sich diese Erkenntnis bei den "Wirtschaftsmächten" durchsetzt und das Risiko von größeren, militärischen Konflikten dadurch verringert wird. Denn es wird am Ende nur Verlierer geben !

" I have a dream" sagte einst Martin Luther King.

The Dream of peace in the world and justice for all mankind we should never surrender !

Möge dieser Traum in Erfüllung gehen !
- Oliver Helbing Oct 16, 2014
  
  @Hartmut Rissmann
  Meinen Sie das tatsächlich ernst, Herr Rissmann? Oder sind Sie der PR-Manager einer der beiden Herren?
  Guttenberg und Werner gehören zu denen, die die Grundproblematik vehement ignorieren (und davon profitieren).
  Geldschöpfung kann nur der Allgemeinheit dienen, wenn sie von der Allgemeinheit bestimmt wird. Dies ist in keiner Industrienation der Fall. Alle Notenbanken inkl. der EZB sind fest in der Hand von Lobbyisten der Finanzindustrie.
  Und damit besteht auch weiterhin ein privates Interesse an Krisen. Konflikten, Kriegen und allem, was Schulden produziert und auf öffentliche Kassen umlegt.
  
  Die Abhängigkeit der Notenbanken von der Finanzindustrie ist das Problem.
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John Rogers Aug 26, 2014

It is good to see such knowledge finally getting to a wider audience. Organisers of 'complementary currencies', like the Wörgl experiment mentioned, have known for decades that groups of businesses or citizens can 'create money' just like a bank does.

It is a larger field than highlighted in this article. For instance, this year the Swiss WIR Bank celebrates 80 years of continuous operation of its unique WIR Credits that are issued alongside loans in Swiss francs, serving 60,000 SMEs. The Brazilian Banco Palmas has created a successful model for local currencies created by people in poverty that is replicated all over the country. The business to business exchange industry is worth billions of dollars. And now local authorities in Brixton and Bristol in England and in 2015 Nantes, France are backing the creation of regional currencies.

In September I wil be running workshops for the City of Hull (mentioned in the article) and for Welsh Assembly Government about the creation of regional currencies. This is a rapidly emerging field that is a direct response to the financial crisis and the 'bankruptcy' of conventional approaches to provide a stable medium of exchange.

Read my Guardian article from June 2013 on how local authorities are using local currencies: http://www.theguardian.com/local-government-network/2013/jun/17/bristol-pound-local-currencies

For an overview of the field of local currencies, watch the Prezi I created:
http://prezi.com/byn39kcf9s2g/local-money/

Then read "People Money - the Promise of Regional Currencies", which I co-authored with Margrit Kennedy and Bernard Lietaer: http://www.triarchypress.net/people-money.html

and "Local Money - What Difference Does It Make?":
http://www.triarchypress.net/local-money.html
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Procyon Mukherjee Aug 26, 2014

Stopping the deluge of money that gets created with the single minded purpose of fueling speculation whether in stocks or in bonds or in real estate must be a step that should be preceded by measuring this flow; the quality of credit never gets measured by its end use and there is absolutely no visibility on this. Central banks would have done better to measure this as this flow does precious little to improve GDP.
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Ralph Musgrave Aug 24, 2014

“banks are not financial intermediaries; they are money creators.”??? That claim by Werner and Guttenberg is very questionable and for reasons I in sections 1.12 and 3.1 here:
http://mpra.ub.uni-muenchen.de/57955/1/MPRA_paper_57955.pdf
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Claude Simon Aug 19, 2014

The question is :
Whats safeguards need to be implemented and who will do it ?
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Abhishek Shekhar Aug 19, 2014

Nice article brilliantly explains the role of banks in creating money.
But how does a currency becomes international why all World trade are done in dollars, and since there are practically no commodity based currencies how does the value of money fluctuates.
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Paul Daley Aug 19, 2014

The BOE's decision to use lending directives was a measure born of desperation; so is this whole scheme. It's just very difficult to channel investment towards new capital expenditures rather than current assets when real interest rates are so low. Some sort of fiscal measure -- probably wealth taxes -- are necessary to discourage excess saving, raise real interest rates and channel investment towards higher yielding assets. It is interesting, however, that Piketty's recommended solution for wealth inequality might also be useful in controlling bubbles and treating the macro doldrums that have settled on industrial economies.
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Nuno Coelho Aug 19, 2014

Very good article :)
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Andrew Zimin Aug 18, 2014

Kindergarten.
- Jonathan Lam Aug 22, 2014
  
  gamesmith94134: How money is made
  It was what Cuban did? but they prefer dollars to shop in Miami.
  "By implementing safeguards that ensure that credit serves productive and public purposes, policymakers can achieve debt-free, stable, and sustainable economic growth." then Ms. Yellen can sweep foreign or domestic debt under the rug, and she might not have to ponder when or how appropriate is raise the interest rate. Perhaps, we can eliminate exchange rate too; and a dollar for a rupee shouldn't be a problem if we can print them. Every American will made million and the Indian too.
  Kindergarten? $100,000 for his or her birth right and we beat Saudis; and American government will give them jobs they enjoy too. It is not euphoria; and everyone is scare of the DJ is coming to a correction. Who cares if it is how money is made? they like dollar, don't they?
  
  May the Buddha bless you?
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- Hernan Martinez Aug 22, 2014
  
  Kindergarten?
  Could you please be more specific?
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https://prosyn.org/WsUOHDhar

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