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无用之钱

发自慕尼黑 - 以量化宽松和零利率甚至负利率为中心的货币政策体制为存在某种倾向的政治家创造了一个极其宽松的环境。让那些愿意利用眼下状况去牟取自身人气的人得以一路畅行无阻——至少目前如此。

在几乎所有发达经济体中,货币和财政政策制定都在以一种崭新且独特方式进行互动。以德国政府刚刚发行的负利率30年期债券为例,这意味着这些钱可以免费借用,理论上可以拿来做任何想做的事情——而且毫无成本。德国也并非孤例,因此听见越来越多人齐声要求在增长初显放缓迹象时采取更大的财政动作也就毫不奇怪了。

显然,鉴于政府正在逐步剥夺那些传统的存款食利者,当前的状况可能会产生深远的货币和分配性后果。但那只是一个开始,政治本来是权衡取舍,用在这处的钱也不可能用在别处。如果提高护士和医生的报酬,那么教师,警察或消防员拿到的钱就相对较少。政府必须在减税和兴建新高速铁路、航空母舰或路桥之间​​做出选择。

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