Economics

Трамп ФҚЖ-ны ұстап алды ма?

Nov 3, 2017 Joseph E. Stiglitz

НЬЮ-ЙОРК – Америка Құрама Штаттары президентінің ең маңызды өкілеттігінің бірі - елдің заңдары мен нормативтік-құқықтық актілерін іске асыруға жауапты және көптеген жағдайларда экономиканы реттейтін агенттіктердің мүшелері мен басшыларын тағайындау. Және онда Федералдық қор жүйесінен бірде-бір мекеме маңыздырақ емес шығар.

Дональд Трамп осы уәкілдігін іске асыра отырып, жақсы қызметі байқалған адамды, партиясыз, өзі ғана ФҚЖ төрағасы ретінде сайлап, жарты ғасыр артқа басып, бұрыннан келе жатқан дәстүрді бұзды. Әсіресе осындай қиын кезеңде Джанет Йелленден гөрі жақсы жұмыс істеген төраға жоқ шығар.

Ал оның алдындағы екі бұрынғы басшылар ФҚЖ-ның беделін айтарлықтай түсірді, себебі олар жиналып жатқан үлкен тәуекелдер мен қаржы секторындағы елеулі айлакерлікті елемеді, ал Йеллен болса қордың беделін қалпына келтірді. Ол сабырлығы арқасында ішінде әртүрлі экономикалық философиялар бар федералдық қор кеңесінің ауызбірлігін қамтамасыз етті және ол екіжүзді республикашылдар бюджет тапшылығының қауіп-қатерін асыра айтқандықтан фискалдық саясат орынсыз шектелген кезеңде, экономиканы баяу қалпына келтіру жолымен апарды. Республикашылдардың бюджеттік бақылауға деген әлсіз міндеттемесі қазір корпорациялар мен миллиардерлерге арналған салықты қысқартуды қолдауында көрініп жатыр, ал бұл салық жеңілдіктері келесі онжылдықта бюджет тапшылығына 1,5 трлн доллар қосады.

To continue reading, register now.

Subscribe now for unlimited access to everything PS has to offer.

As a registered user, you can enjoy more PS content every month – for free.

Already have an account? Log in

Introductory Offer: Save 30% on PS Digital

Subscribe now to gain greater access to Project Syndicate – including every commentary and our entire On Point suite of subscriber-exclusive content – starting at less than $5 per month.

Subscribe Now

Joseph E. Stiglitz

Writing for PS since 2001
331 Commentaries

Joseph E. Stiglitz, a Nobel laureate in economics and University Professor at Columbia University, is a former chief economist of the World Bank (1997-2000), chair of the US President’s Council of Economic Advisers, and co-chair of the High-Level Commission on Carbon Prices. He is Co-Chair of the Independent Commission for the Reform of International Corporate Taxation and was lead author of the 1995 IPCC Climate Assessment.

new comment has been posted. new comments have been posted.

0 Comments on this paragraph, 10 Comments on this article

Liber León Apr 9, 2018

El presidente NO renueva
A new reply to this comment has been posted.
jose sousa Dec 1, 2017

Prof J.Stiglitz is one of a group of the most brilliant economists of our era, including also and namely, P.Krugman, Brad DeLong, L.Summers, or Paul de Grauwe. Unfortunately, politicians tend to prioritize short-term objectives against the recommendations of scientists and/or specialists from the most diverse areas of activity. The last paragraph of this article is paradigmatic.
Yet, I am not completely aligned with Prof.Stiglitz appreciation on the Fed latest policies concerning interest rates. In fact, it is my belief that several mistakes have been simultaneously occurring in recent years involving both governments and central banks:
- by accepting unfair competition from emerging economies which are not obliged to follow the same labor, social or environmental rules that national producers are obliged to. (which is negative for employment, wages, and inflation)
- by underestimating that monetary expansion without a proper fiscal expansion is less effective on the goals for increasing employment, wages, inflation, and GDP.
- by overfocusing on low inflation in prejudice of the above mentioned, keeping low rates for too long, inducing financial bubbles that sooner or later will burst, with the well known terrible consequences.
A new reply to this comment has been posted.
Paul Daley Nov 9, 2017

Somehow, but I can't worry too much about the pseudo-independence of a FED that's susceptible to "cognitive capture."

Those to whom the FED is accountable should be explicitly identified, and given powers to act whenever FED actions exceed its mandate or threaten the nation.
A new reply to this comment has been posted.
Phil Cartier Nov 6, 2017

Sorry Joe. Obama beat you to it, appointing Janet Yellen to continue keeping Bernanke's lid on interest rates and making it easier for his government to spend trillions on bailouts while crushing small business under new regulations. Effectively postponing any normal recovery until he was out of office.
A new reply to this comment has been posted.
William Cash Nov 5, 2017

Trump only appoints people who agree to be loyal to him. Look at the generals whom everyone thought would be the wall. They are his biggest enablers.
A new reply to this comment has been posted.
William Cash Nov 5, 2017

Trump only appoints people who agree to be loyal to him. Look at the generals whom everyone thought would be the wall. They are his biggest enablers.
A new reply to this comment has been posted.
Douglas Knauer Nov 5, 2017

I hate to burst your bubble, Mr. Stiglitz, but do you think the last 9 years have not given us a politicized Fed already? Mr Trump's choice is solid for all the right reasons and that choice will have to endure Trump's slings and arrows because no one is safe in this administration if you cross him.

Time will tell what kind of mettle Mr Powell is made of, but the situation of politics at the Fed is far from new.
A new reply to this comment has been posted.
Chris Coles Nov 4, 2017

What everyone needs to accept, is the recognition that the underlying weak growth in Western economies, (not just the US economy), has been caused by a failure of competition; competition for the employee. With everyone focused upon the economic needs of "government", it is now time to bring into focus the need for the future employer, the creator of a new business, who in turn, is setting out to employ others in their local community.

What we lack and now desperately need to be put into place is an agreed set of rules, mechanisms and at least one new institution, designed to feed free enterprise equity capital into the hands of the future employer. I have called that process Recapitalisation Of The Grass Roots Economy; RecapGRE.

The FED needs to return to the underlying thinking that set the Oklahoma Land Rush into motion. Instead of using parcels of land, they should use a significant portion of the funds they hold. Such a release of funds, directly into new very small start up business creation, entirely led by availability of an employee; where the rules demand; no new employment, no access to the free enterprise equity capital, will drive renewed competition for the employee, within a framework designed to create new prosperity; right down at the grass roots of the economy.

So, why not try some new thinking?
A new reply to this comment has been posted.
Carlos Imendia Nov 4, 2017

So, we expect Powell to understand the intricacies of money supply and multiplier effects and being capable in repelling Wall Street's appetites.
A new reply to this comment has been posted.
Steve Hurst Nov 3, 2017

Bogeyman story. The new guy isnt an economist Phd, well so what, the FED is chockablock with them
A new reply to this comment has been posted.

https://prosyn.org/f2caItFkk

Трамп ФҚЖ-ны ұстап алды ма?

Introductory Offer: Save 30% on PS Digital

New Comment

Contact us

Handpicked to read next

Donald Trump’s Federal Reserve

Log in/Register

Трамп ФҚЖ-ны ұстап алды ма?

Introductory Offer: Save 30% on PS Digital

Handpicked to read next

Edit Newsletter Preferences

Set up Notification