Economia
Is the United States Bankrupt?
Laurence J. Kotlikoff
".. Many would scoff at this notion. They’d point
out that the country has never defaulted on its
debt; that its debt-to-GDP (gross domestic product)
ratio is substantially lower than that of Japan and
other developed countries; that its long-term
nominal interest rates are historically low; that
the dollar is the world’s reserve currency; and
that China, Japan, and other countries have an
insatiable demand for U.S. Treasuries.
Others would argue that the official debt
reflects nomenclature, not fiscal fundamentals;
that the sum total of official and unofficial liabilities
is massive; that federal discretionary spending
and medical expenditures are exploding; that the
United States has a history of defaulting on its
official debt via inflation; that the government has
cut taxes well below the bone; that countries holding
U.S. bonds can sell them in a nanosecond; that
Is the United States bankrupt? Many would scoff at this notion. Others would argue that financial
implosion is just around the corner. This paper explores these views from both partial and general
equilibrium perspectives. It concludes that countries can go broke, that the United States is going
broke, that remaining open to foreign investment can help stave off bankruptcy, but that radical
reform of U.S. fiscal institutions is essential to secure the nation’s economic future...."
Federal Reserve Bank of St. Louis Review, July/August 2006, 88(4), pp. 235-49.
Acesso
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Economia
Os Estados Unidos perto da bancarotta
Is the United States Bankrupt?
Laurence J. Kotlikoff
".. Many would scoff at this notion. They’d point
out that the country has never defaulted on its
debt; that its debt-to-GDP (gross domestic product)
ratio is substantially lower than that of Japan and
other developed countries; that its long-term
nominal interest rates are historically low; that
the dollar is the world’s reserve currency; and
that China, Japan, and other countries have an
insatiable demand for U.S. Treasuries.
Others would argue that the official debt
reflects nomenclature, not fiscal fundamentals;
that the sum total of official and unofficial liabilities
is massive; that federal discretionary spending
and medical expenditures are exploding; that the
United States has a history of defaulting on its
official debt via inflation; that the government has
cut taxes well below the bone; that countries holding
U.S. bonds can sell them in a nanosecond; that
Is the United States bankrupt? Many would scoff at this notion. Others would argue that financial
implosion is just around the corner. This paper explores these views from both partial and general
equilibrium perspectives. It concludes that countries can go broke, that the United States is going
broke, that remaining open to foreign investment can help stave off bankruptcy, but that radical
reform of U.S. fiscal institutions is essential to secure the nation’s economic future...."
Federal Reserve Bank of St. Louis Review, July/August 2006, 88(4), pp. 235-49.
Acesso
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- A Grande Estagnaçaõ - A Bomba Da Dívida
Betting with Trillions Prison of Debt Paralyzes West By Cordt Schnibben Be it the United States or the European Union, most Western countries are so highly indebted today that the markets have a greater say in their policies than the people. Why...
- Precisamos Um Banco Central?
Should We End the Fed? Vídeo palestra do Larry White What would it mean to "end the Fed"? Professor Larry White says that in order to know the effects of such a measure, we must first understand the role of "the Fed". The Federal Reserve is...
- Fim Do Jogo
Endgame: The End of the Debt SuperCycle and How It Changes Everything Greece isn’t the only country drowning in debt. The Debt Supercycle—when the easily managed, decades-long growth of debt results in a massive sovereign debt and credit crisis—is...
- Concorrência Monetária
Competition in Currency: The Potential for Private Money by Thomas L. Hogan Privately issued money can benefit consumers in many ways, particularly in the areas of value stability and product variety. Decentralized currency production can benefit consumers...
- Fase Crítica Da Política Monetária
May 13 (Bloomberg) -- The Federal Reserve may soon need to raise interest rates, said John Taylor, the former Treasury official who devised the “Taylor Rule,” a formula for rate- setting based on the outlook for inflation and growth. “My calculation...