What does monetaer eligible for unemployment mean?
> bto: The next logical step is MMT after the helicopters have circled.>
The NEXT consistent step after buying government debt is buying PRIVATE sector debt.
MMT is not a next step, but is enough as a REASON for unlimited national debt, the THEORETICAL basis for the FUSION of monetary and fiscal policy.
> "(...) has Covid irrevocably blurred the boundaries between monetary and fiscal policy? Has central bank independence become a shibboleth, and who pays the price? ”- bto: Economists like Marcel Fratzscher would not see the problem because they see the positive employment effect.>
M. Fratzerscher already sees the problem, I think, - and therefore wants to RE-DISTRIBUTE - but sees it as SECOND RANKING if monetary and fiscal policy succeeds in avoiding what, in his opinion, is the bigger problem of high unemployment (as last Monday in the discussion with Hüther at Phoenix).
What the Telegraph OVERLOOKS as the very, very BIG price of this interaction:
The INFLUENCE of the state on the private sector increases DRAMATICALLY and SUSTAINABLY after Covid, with which the entire economic order is SLIDINGLY changing.
See inter alia. the extension of the short-time work allowance, extended suspension of insolvency applications, state holdings and state guarantees, as well as: the state must go much further in the upcoming collective bargaining in the public service, BECAUSE a lot has been done during Corona.
All of this is so taken for granted by the public that there is not a second to think about it - neither by those who do and say it, nor by those who let it run on the TV channels.
Hence the misunderstanding of the emerging reality:
> When we come back to reconstitute economic policy after this current crisis, maybe we will decide that central bank independence is not as important as we thought it was in the past.>
It is an illusion to believe that one can return to the economic policies of the past.
Rather, with us and in the EU, with the energy transition, we are in a "spirit of optimism" for much MORE state.
In this respect, at least the following view is a misjudgment:
> "The long-term legacy of this is quite problematic. Difficult decisions are just kicked down the road.>
Difficult decisions are suppressed as much as possible, but NOT postponed if they HAVE to be taken because the pressure from the voters and / or the street is too strong to be evaded.
This is also wrong:
> The bill isn't paid by QE, it is deferred by QE. ">
QE does not postpone the bill, but makes it affordable.
However, it is unclear what amount will have to be paid.
One suspects, however:
It will be inconceivably HIGH.reply
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