Paul Lachine

إعادة تنشيط عملية تشغيل العمالة

بيركلي ـ إن مستويات البطالة تسجل حالياً ارتفاعاً هائلاً، وذلك لأن الأعمال التجارية التي كانت لتتوسع وتوظف المزيد من العمالة في الظروف الطبيعية لم يعد بوسعها أن تفعل ذلك، أما الأعمال التي كانت لتتقلص وتسرح عمالها فإنها تفعل ذلك بسرعة بالغة. إن الشركات التي كان من المفترض أن تتوسع وأن توظف المزيد من العمالة لم يعد بوسعها ذلك، لأن المستوى العام المحبط لأسعار الأصول المالية يمنعها من اقتراض المال أو بيع السندات بشروط مربحة.

وللتعامل مع هذا الوضع، يتعين على البنوك المركزية أن تشتري السندات الحكومية نقداً بالقدر اللازم لرفع أسعارها لأعلى مستوى ممكن. ذلك أن ارتفاع أسعار السندات الحكومية من شأنه أن تعمل على تحويل الطلب نحو سندات الرهن العقاري أو الشركات، على النحو الذي يساعد في رفع أسعارها بالتالي.

وحتى بعد أن تدفع البنوك المركزية أسعار السندات الحكومية لأعلى مستوى ممكن، يجب عليها الاستمرار في شراء السندات الحكومية نقداً، على أمل أن يبادر الناس بعد أن امتلأت جيوبهم بالسيولة النقدية إلى إنفاق المزيد من المال، وأن يؤدي هذا على نحو مباشر إلى انتشال الناس من البطالة وتوفير فرص العمل لهم.

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