Economia
Um continente de más idéias: John Cochrane discute os problemas de endividamento público na Europa e repercussões sobre o Euro:
"Conventional wisdom says that sovereign defaults mean the end of the euro: If Greece defaults it has to leave the single currency; German taxpayers have to bail out southern governments to save the union.
This is nonsense. U.S. states and local governments have defaulted on dollar debts, just as companies default. A currency is simply a unit of value, as meters are units of length. If the Greeks had skimped on the olive oil in a liter bottle, that wouldn’t threaten the metric system.
Bailouts are the real threat to the euro. The European Central Bank has been buying Greek, Italian, Portuguese and Spanish debt. It has been lending money to banks that, in turn, buy the debt. There is strong pressure for the ECB to buy or guarantee more. When the debt finally defaults, either the rest of Europe will have to raise trillions of euros in fresh taxes to replenish the central bank, or the euro will inflate away."
- Can The Euro Area Hit The Rewind Button? - Barry Eichengreen
Num artigo do passado dia 23 de Julho, Eichengreen considera que a criação do euro foi um gigantesco erro: "Creating a single currency without also creating a single bank regulator, an emergency lender, and a credible set of fiscal rules gave...
- Ler Os Outros: Choices For Greece - Tyler Cowen
"(...) If it left the euro zone, Greece could reap the substantial benefits of a currency depreciation, but doing so would also set off huge runs on banks. And the country has no alternative paper currency ready for use. If you are a euro optimist, you...
- Ainda Sobre A Grécia - As Declarações Do Governador Do Banco De França
Numa altura em que crescem as dúvidas (ver aqui e aqui) crescem as dúvidas quanto à capacidade do Governo grego para fazer aprovar as novas medidas de austeridade exigidas pela União Europeia e o FMI chamo a atenção para as declarações do Governador...
- Repressão Financeira
Financial Repression Has Come Back to Stay: Carmen M. ReinhartAs they have before in the aftermath of financial crises or wars, governments and central banks are increasingly resorting to a form of “taxation” that helps liquidate the huge overhang...
- Bancos E Governos
Phillip Bagus explica: "... Today's banks are not free-market institutions. They live in a symbiosis with governments that they are financing. The banks' survival depends on privileges and government interventions. Such an intervention explains...
Economia
É a Dívida Pública, Estúpido! Parte II
Um continente de más idéias: John Cochrane discute os problemas de endividamento público na Europa e repercussões sobre o Euro:
"Conventional wisdom says that sovereign defaults mean the end of the euro: If Greece defaults it has to leave the single currency; German taxpayers have to bail out southern governments to save the union.
This is nonsense. U.S. states and local governments have defaulted on dollar debts, just as companies default. A currency is simply a unit of value, as meters are units of length. If the Greeks had skimped on the olive oil in a liter bottle, that wouldn’t threaten the metric system.
Bailouts are the real threat to the euro. The European Central Bank has been buying Greek, Italian, Portuguese and Spanish debt. It has been lending money to banks that, in turn, buy the debt. There is strong pressure for the ECB to buy or guarantee more. When the debt finally defaults, either the rest of Europe will have to raise trillions of euros in fresh taxes to replenish the central bank, or the euro will inflate away."
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- Can The Euro Area Hit The Rewind Button? - Barry Eichengreen
Num artigo do passado dia 23 de Julho, Eichengreen considera que a criação do euro foi um gigantesco erro: "Creating a single currency without also creating a single bank regulator, an emergency lender, and a credible set of fiscal rules gave...
- Ler Os Outros: Choices For Greece - Tyler Cowen
"(...) If it left the euro zone, Greece could reap the substantial benefits of a currency depreciation, but doing so would also set off huge runs on banks. And the country has no alternative paper currency ready for use. If you are a euro optimist, you...
- Ainda Sobre A Grécia - As Declarações Do Governador Do Banco De França
Numa altura em que crescem as dúvidas (ver aqui e aqui) crescem as dúvidas quanto à capacidade do Governo grego para fazer aprovar as novas medidas de austeridade exigidas pela União Europeia e o FMI chamo a atenção para as declarações do Governador...
- Repressão Financeira
Financial Repression Has Come Back to Stay: Carmen M. ReinhartAs they have before in the aftermath of financial crises or wars, governments and central banks are increasingly resorting to a form of “taxation” that helps liquidate the huge overhang...
- Bancos E Governos
Phillip Bagus explica: "... Today's banks are not free-market institutions. They live in a symbiosis with governments that they are financing. The banks' survival depends on privileges and government interventions. Such an intervention explains...