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سياسات أسعار الفائدة السلبية

أثينا ــ لا تأتي الأشياء المرغوبة بلا تكلفة. فالأشياء الخبيثة فقط، مثل النفايات السامة، تحمل سعرا سلبيا، ما يعادل الرسوم التي تُدفَع لأي شخص على استعداد لجعلها تختفي. ولكن هذا يعني أن أسعار الفائدة السلبية تجسد منظورا جديدا للمال ــ سلك منعطفا "خبيثا"؟

في اقتصادات السوق، يمثل المال مقياسا لقيمة السلع والخدمات. وسعر الفائدة هو ثمن هذا المقياس ــ ثمن المال ذاته. فعندما يكون السعر صفرا، لا يصبح هناك فارق ما إذا كان المال محفوظا تحت الفراش أو مُقرَضَا، لأن الاحتفاظ بالمال أو اقتراضه يصبح بلا تكلفة.

ولكن كيف من الممكن أن يصبح سِعر المال ــ الذي يجعل العالم يدور، أو على حد تعبير كارل ماركس: "الذي يحول كل أسباب عجزي إلى عكسها تماما" ــ صِفرا؟ وكيف من الممكن أن يصبح سلبيا، كما هي الحال الآن في قسم كبير من الاقتصاد العالمي، في حين "يرشو" أثرياء العالم الحكومات لكي يقترضوا منها أكثر من 5.5 تريليون دولار أميركي؟

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