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【哪个app可以买lol比赛】出台2万亿美元“战时”救市计划,美国怎么了?



发布日期:2021-03-14 01:33:01 发布者:Admin5  点击率:

Under the pandemic, amidst the stock market crash, dangers were all around. The U.S. Senate passed a huge relief bill totaling US$2 trillion:

在大流行之下,在股市崩盘中,危险四处可见。美国参议院通过了总额达2万亿美元的巨额救济法案:

Pay up to US$1200 to individuals, US$2400 for couples, and US$500 for each child;

个人最高支付1200美元,夫妻最高支付2400美元,每个孩子最高支付500美元;

Establish a taxpayer capital pool of USD 500 billion to provide loans or loan guarantees to enterprises;

建立5000亿美元的纳税人资本池,为企业提供贷款或担保;

Provided 350 billion U.S. dollars in loans to small businesses to pay salaries, wages and benefits;

向小企业提供3500亿美元贷款,以支付薪金,工资和福利;

Provided 58 billion U.S. dollars to airlines to pay employee salaries, salaries and benefits, as well as loans and loan guarantees;

向航空公司提供了580亿美元,用以支付雇员的薪水,薪金和福利,以及贷款和贷款担保;

Provided $117 billion in grants to hospitals and veterans' medical care;

向医院和退伍军人提供了1,170亿美元的赠款;

Providing US$17 billion in loans and loan guarantees to companies related to national security;

向与国家安全有关的公司提供170亿美元的贷款和贷款担保;

Provide 16 billion U.S. dollars for the national strategic drug and medical supplies reserve;

为国家战略药品和医疗用品储备提供160亿美元;

It also includes expanding unemployment insurance, delaying tax payments, tax relief, and exemption of student loan interest.

它还包括扩大失业保险,延迟缴税,减税和免除学生贷款利息。

This is a "wartime level" rescue plan, and it is "one of the most expensive and far-reaching measures in the history of the United States." The Trump administration was able to let go of its hands to rescue the market because the Fed provided unlimited liquidity support.

这是一个“战时级”救援计划,并且是“美国历史上最昂贵,影响深远的措施之一”。特朗普政府得以放手挽救市场,因为美联储提供了无限的流动性支持。

This month, after the Fed cut interest rates to zero, it entered the crisis management mode ahead of time and launched the “no bottom line” rescue plan: unlimited purchases of treasury bonds and mortgage bonds; bypassing commercial banks to provide various types of loans to enterprises and individuals; Purchase corporate bonds and trading open-end index funds (ETFs) in the secondary market.

美联储本月将利率降至零后,提前进入危机管理模式,并启动了“无底线”救助计划:无限期购买国债和抵押债券。绕开商业银行向企业和个人提供各类贷款;在二级市场上购买公司债券和交易开放式指数基金(ETF)。

The Fed is not like the "lender of last resort" but the "buyer of last resort". How should we evaluate this rescue operation? This action has plunged many people into contradictions and paradoxes in economics: a crisis may break out immediately if it is not saved, and a bigger crisis may break out in the future.

美联储不像“最后贷款人”,而是“最后贷款人”。我们应该如何评估这种救援行动?这一行动使许多人陷入经济学的矛盾和悖论中:如果不挽救危机,危机可能会立即爆发,未来可能爆发更大的危机。

Many brokerage economists who support interventionism criticize the Fed's move to "drink poison to quench thirst." Investors who usually oppose interventionism welcome the benefits and crave the Fed's liquidity.

许多支持干预主义的券商经济学家批评美联储采取“喝毒止渴”的举动。通常反对干预主义的投资者欢迎这种收益,并渴望美联储的流动性。

If Keynes, Fisher, Mises, Friedman, and Volcker were alive, how would they evaluate the rescue operations of the Fed and the Trump administration? Did the Fed's actions "cross the border"? Is this saving the market or saving people? How to distinguish between saving the market and saving people, and how to cooperate?

如果凯恩斯,费舍尔,米塞斯,弗里德曼和沃尔克还活着,他们将如何评估美联储和特朗普政府的救援行动?美联储的行动是否“跨越国界”?这是在拯救市场还是在拯救人员?如何区分救市和救人,如何合作?

In the face of economic and social crises, how should the central bank and the government rescue? This article goes deep into the internal logic of the market, central bank, and currency operation, trying to eliminate misunderstandings, explain the paradox, and clear the source.

面对经济和社会危机,中央银行和政府应如何拯救?本文深入研究了市场,中央银行和货币运作的内​​部逻辑,试图消除误解,解释悖论并弄清出处。

The logic of this article:

本文的逻辑:

1. "Wartime level": What happened to the United States?

1.“战时等级”:美国发生了什么?

2. "Rescue Posture": How to rescue the market?

2.“救援姿态”:如何拯救市场?

3. The "dollar problem": how to change it?

3.“美元问题”:如何改变?

(Note: The text is 8000 words, the reading time is about 30 minutes, you can read it first and share it with your friends)

(注意:文字为8000个单词,阅读时间约为30分钟,您可以先阅读并与朋友分享)

The new crown epidemic is spreading at an alarming rate in the United States, and the number of infections and deaths are soaring.

在美国,新的王冠流行病正在以惊人的速度传播,感染和死亡的人数正在急剧上升。

After the outbreak detonated the US stock market, it is impacting the real economy and society. Companies, factories, schools, and stores in most states in the United States are closed, and markets are disrupted, logistics is blocked, orders are cancelled, workers are unemployed, and business closures are spreading. The states are expected to announce a record number of claims for unemployment benefits.

爆发引爆了美国股票市场之后,它正在冲击实体经济和社会。美国大多数州的公司,工厂,学校和商店都被关闭,市场被打乱,物流被封锁,订单被取消,工人失业,并且业务倒闭正在蔓延。预计各州将宣布创纪录的失业救济金要求。

In the current era of globalization, capital has high liquidity and infectious viruses are highly contagious. In the face of the "dual liquidity" blow from market crises and public health events, the Fed and the Trump administration have seen the "devil" haunt: treasury bonds, corporate bonds, asset management mines, and possibly increasing unemployment and corporate and household bankruptcies.

在当前的全球化时代,资本具有高流动性,传染性病毒具有高度传染性。面对市场危机和公共卫生事件带来的“双重流动性”打击,美联储和特朗普政府已经看到了“魔鬼”的困扰:国债,公司债券,资产管理地雷,以及可能增加的失业率以及公司和家庭破产。

The current crisis in the United States can be specifically decomposed into a stock market disaster and a public health crisis:

美国当前的危机可以具体分解为股票市场灾难和公共卫生危机:

1. The oil price plummeted by the epidemic situation, detonated the collapse of financial asset prices, which can currently be defined as a stock market crash.

1.石油价格因疫情暴跌而暴跌,引爆了金融资产价格的崩溃,目前可以将其定义为股市崩盘。

How far the stock market crash is from the financial crisis depends on whether the Fed can hold the national debt and eliminate the "asset management mine." The Fed buys unlimited Treasury bonds and directly purchases transactional open-end index funds (ETFs), such as rescue operations and direct blood transfusions to Treasury bonds, the stock market, and asset management agencies.

股市崩盘与金融危机之间的距离取决于美联储是否可以持有国债并消除“资产管理地雷”。美联储购买了无限制的国债,并直接购买了交易型开放式指数基金(ETF),例如救援行动以及直接向国债,股票市场和资产管理机构输血。

It is expected that the short-term liquidity tension can be relieved, the stock market crash can temporarily prevent the impact of commercial banks and national credit, and the warning of the financial crisis has been eased.

预计可以缓解短期流动性紧张,股票市场崩溃可以暂时防止商业银行和国家信贷的影响,并且已经缓解了对金融危机的警告。

2. However, the public health crisis of the epidemic is pushing the real economy of the United States to the brink of economic crisis, and may even trigger a social crisis.

2.然而,流行病的公共卫生危机正在将美国的实体经济推向经济危机的边缘,甚至可能引发社会危机。

Therefore, we see that the rescue operation of the US government and the Federal Reserve goes beyond the scope of rescue, and belongs to the "wartime level" of social rescue: it rescues the market and people, and it rescues the financial crisis as well as the economic crisis and the social crisis.

因此,我们看到美国政府和美联储的救助行动超出了救助范围,属于社会救助的“战时水平”:救助了市场和人民,也救助了金融危机。就像经济危机和社会危机一样。

This is in line with the logic of the United States in dealing with disasters: economic accounts.

这符合美国处理灾难的逻辑:经济核算。

In the United States, the boundary between civil power and government responsibility is very clear, and the government has no right to close the city rashly. The government can only gradually increase the level according to the spread of the epidemic, up to the wartime level.

在美国,民权与政府责任之间的界限非常明确,政府无权轻率地关闭这座城市。政府只能根据流行病的蔓延逐步提高水平,直至达到战时水平。

In the process of raising the level, the government must have a comprehensive rescue and compensation plan. Companies, factories, and schools are closed, and the government has to provide corporate loans, tax concessions, worker wages, unemployment benefits, and cash compensation. Without this set of rescue plans, the deaths caused by the economic collapse may be more serious than the new crown epidemic.

在提高水平的过程中,政府必须制定全面的救援和赔偿计划。公司,工厂和学校关闭,政府必须提供公司贷款,税收优惠,工人工资,失业救济和现金补偿。没有这套救援计划,经济崩溃造成的死亡可能比新的王冠流行更为严重。

Even at the same “wartime level”, China’s rescue method is different from that of the United States: China fought a rapid annihilation war decisively, then resumed work and production, and stimulated major infrastructure construction; the United States first used the Fed and the federal government’s funds to cover the bottom, and then in the epidemic prevention There is a constant trade-off between control and economic sustainability.

即使在相同的“战时水平”下,中国的救援方法也不同于美国:中国果断地进行了快速的歼灭战争,然后恢复了生产和生产,并刺激了重要的基础设施建设。美国首先使用美联储和联邦政府的资金来掩盖底层,然后在防疫工作中,控制与经济可持续性之间存在着不断的权衡。

Therefore, what we have seen is that the actions of the US government seem to save the market more than people.

因此,我们看到的是,美国政府的行动似乎比为人们节省了更多的市场。

Keynesians equate economic crises with social disasters. They believe that saving the market is actually saving people. Many people remember a famous quote by Keynes: "In the long run, we are all dead." People live in the present, the crisis is now, survival is the first.

凯恩斯主义者将经济危机与社会灾难等同起来。他们认为,拯救市场实际上是在拯救人们。许多人记得凯恩斯的一句名言:“从长远来看,我们都死了。”人们生活在当下,危机就在眼前,生存是第一位。

The post-Keynesian Stiglitz called on the government not to pay attention to deficits as it did during World War II, and to let go of rescue efforts. In fact, if the two trillion dollar rescue plan is implemented, the debt ratio of the United States will rise to 119%, exceeding the highest level during World War II (118.9%).

后凯恩斯主义的斯蒂格利茨呼吁政府不要像第二次世界大战期间那样重视赤字,并放弃救援工作。实际上,如果实施这2万亿美元的救助计划,美国的债务比率将上升到119%,超过第二次世界大战期间的最高水平(118.9%)。

Critics say that this move will undoubtedly quench thirst, and the US Treasury debt will continue to swell and will die even worse in the future. This argument lasted for a whole hundred years. Just 100 years ago, at the end of the First World War, a group of young Cambridge economists faced a devastated world and began to doubt what neoclassicism said: the "flower of evil" of selfish desire bears the good fruits of public interest. ("The Fable of the Bee", Mandeville)

批评人士说,这一举动无疑将解渴,美国国债将继续膨胀,并在未来更加恶化。这种争论持续了整整一百年。就在100年前,在第一次世界大战结束时,一群年轻的剑桥经济学家面对一个毁灭性的世界,并开始怀疑新古典主义所说的话:自私欲望的“邪恶之花”结出了公共利益的丰硕成果。 (《曼德维尔的寓言》)

More than 100 years later, after experiencing various controversies between Keynesianism, Austrian school, neoclassicism, neoliberalism, new institutional economics, and game theory, we are still confused: to save or not to save?

100多年后,在经历了凯恩斯主义,奥地利学派,新古典主义,新自由主义,新制度经济学和博弈论之间的各种争论之后,我们仍然感到困惑:保存还是不保存?

My point of view is that salvation is affirmative, but salvation should not be done in a “fuzzy” way, otherwise it will not save people but harm them. Here we need to understand a fundamental issue: there is a fundamental difference between saving society and saving the market, saving people and saving enterprises.

我的观点是,救赎是肯定的,但救赎不应以“模糊”的方式进行,否则救助人不会伤害人。在这里,我们需要了解一个基本问题:拯救社会与拯救市场,拯救人员与拯救企业之间存在根本区别。

Many people compare the market to the life of an individual. People are dying. This is actually a very wrong analogy. The structure and logic of the market are different from people: the market is a distributed structure, and its operation logic is a spontaneous order; human life is a centralized structure, and its operation logic is a central command system.

许多人将市场与个人生活进行比较。人们快死了。这实际上是一个非常错误的类比。市场的结构和逻辑与人不同:市场是分布式结构,其运作逻辑是自发的秩序;人的生命是一个中央结构,其运作逻辑是一个中央指挥系统。

There is one less death. The government has the responsibility to save the lives of every citizen and to ensure that social order does not collapse. Therefore, the government must save people and society.

死亡人数减少了一位。政府有责任挽救每个公民的生命,并确保社会秩序不会崩溃。因此,政府必须拯救人民和社会。

However, the market is different. The vitality of the market lies in the mutual game. Every day, companies die, companies are created every day, companies make money every day, and companies lose money every day. When the economy is booming, many companies make money, and when the economy is down, many companies lose money.

但是,市场是不同的。市场的活力在于相互博弈。每天,公司消亡,每天都在创建公司,每天都在赚钱,每天都在亏钱。当经济蓬勃发展时,许多公司赚钱,而当经济萧条时,许多公司亏本。

Only a market that makes money without losing money will surely disappear. If the government rescues the loss-making enterprises, it is equivalent to rewarding the loss-making enterprises, rewarding entrepreneurs who make wrong decisions and taking risks, and hurting those who make correct decisions.

只有赚钱而不赔钱的市场肯定会消失。如果政府救助亏损的企业,就等于奖励亏损的企业,奖励做出错误决定和冒险的企业家,并伤害做出正确决定的企业家。

This will cause two kinds of harm: one is moral hazard, and the other is market distortion, which ultimately reduces market efficiency. The final result is that the government and the Federal Reserve become the "last buyers", in fact, the whole people pay for the wrong decisions and operating risks of the entire market.

这将造成两种危害:一种是道德风险,另一种是市场扭曲,最终会降低市场效率。最终结果是政府和美联储成为“最后的购买者”,实际上,全体人民为整个市场的错误决策和经营风险付出了代价。

The market follows the laws of freedom, not the logic of democracy. Social and political issues can be resolved by democratic voting, but democracy cannot be used in the market.

市场遵循自由法则,而不是民主逻辑。社会和政治问题可以通过民主投票解决,但是民主不能在市场上使用。

The economic crisis has come, many companies have closed down, many companies have lost money, and the government cannot bail out the market for the benefit of the "most people", because this will harm the interests of a small group of people-entrepreneurs and individuals who make the right decisions. The status of a small number of people is equal to the majority of people, otherwise it will easily lead to "tyranny of the majority."

经济危机已经来临,许多公司倒闭,许多公司亏损,政府不能为了“多数人”的利益而纾困市场,因为这会损害一小部分人企业家的利益。以及做出正确决定的个人。少数人的地位等于多数人,否则很容易导致“多数人暴政”。

Some people say that if an economic recession does not save the market, the average life expectancy will drop, and some people commit suicide because of the embarrassment of their lives. Isn't this the same as not saving it? What I want to say is that the evil result of a messy and confused rescue is that the economic recession is more serious. This is not to save people but to harm people.

有人说,如果经济衰退不能挽救市场,那么平均预期寿命就会下降,有些人会因为生活的尴尬而自杀。这与不保存一样吗?我要说的是,混乱而混乱的救助的邪恶结果是经济衰退更加严重。这不是要救人,而是要伤害人。

In reality, as long as the economy is in recession, it is easy to trigger "tyranny of the majority." Most people voted to pass the bailout plan, "helicopter money", and everyone is happy. In fact, this is a free rider. The central bank is a public utility, and everyone tries to ride a free ride on credit money to tide over the difficulties. But the result is "tragedy of the commons"-asset bubble collapse or inflation.

实际上,只要经济处于衰退之中,就很容易引发“多数暴政”。大多数人投票通过了救助计划“直升机钱”,每个人都很高兴。实际上,这是一个搭便车的人。中央银行是一家公共事业公司,每个人都试图免费乘坐信贷来渡过难关。但是结果是“公地悲剧”资产泡沫崩溃或通货膨胀。

Therefore, saving society and saving individuals is completely different from saving the market and saving enterprises. This is not an issue of morality or democracy, but is determined by the difference in their structure and operational logic.

因此,拯救社会和拯救个人与拯救市场和拯救企业完全不同。这不是道德或民主问题,而是由其结构和运作逻辑上的差异决定的。

So, shouldn't the government help? of course not! When a social or economic crisis breaks out, how should the government rescue it?

那么,政府不应该帮助吗?当然不是!当社会或经济危机爆发时,政府应如何挽救它?

First, save people and society.

首先,拯救人民和社会。

The core responsibility of the government is to save people and society, not the market. Usually, the government needs to provide comprehensive public goods, such as medical care, education, welfare housing, social insurance, infrastructure, public health system, public finance, strategic reserve resources, legal system, national institutions, and judicial system.

政府的核心责任是拯救人民和社会,而不是市场。通常,政府需要提供全面的公共物品,例如医疗,教育,福利住房,社会保险,基础设施,公共卫生系统,公共财政,战略储备资源,法律制度,国家机构和司法制度。

When a crisis breaks out, the government can initiate a rescue plan, initiate emergency procedures, allocate strategic reserve resources, increase public financial investment, provide more relief payments, unemployment benefits, tax reductions and exemptions, extend tax payments, protect the lives and property safety of Chinese people, etc. . This rescue operation follows the majority principle.

当危机爆发时,政府可以启动救援计划,启动应急程序,分配战略储备资源,增加公共财政投资,提供更多的救济金,失业救济金,减税和免税,延长税金,保护生命和财产中国人民的安全等。该救援行动遵循多数原则。

Second, rescue the market in a limited and extremely harsh manner.

第二,以有限且极其严酷的方式拯救市场。

In theory, the government should withdraw from the ranks of market intervention and separate the "rescue market" from the government's responsibilities. This is the most beneficial to the economy.

从理论上讲,政府应该退出市场干预的行列,将“救援市场”与政府的职责分开。这是对经济最有利的。

However, the reality is difficult to achieve. Because economic crises and social crises are inseparable, it is often economic crises that trigger social crises. The government may choose to intervene in advance and intervene in the economic crisis in advance to prevent the outbreak of a social crisis.

但是,现实很难实现。由于经济危机和社会危机是密不可分的,因此往往是经济危机引发了社会危机。政府可以选择提前干预并提前介入经济危机,以防止发生社会危机。

This is the difference between politics and economics: economics studies objective laws, while politics emphasizes the subjective art of compromise. Economics tells people what is right and what direction they "should" go in; politics believes that the solution to current problems is the right path.

这就是政治与经济学之间的区别:经济学研究客观定律,而政治则强调妥协的主观艺术。经济学告诉人们什么是正确的,以及他们“应该”前进的方向。政治认为,解决当前问题是正确的道路。

If I have to explain economically why the government rescued the market, I can think of transaction cost theory. Friedman's permanent income hypothesis proves that Keynes's demand theory (monetary drive) does not hold. Therefore, we cannot support the government to rescue the market from the perspective of Keynes, but the theory of new institutional economics can.

如果我必须从经济角度解释政府为何拯救市场,那么我可以想到交易成本理论。弗里德曼的永久收入假说证明凯恩斯的需求理论(货币驱动)不成立。因此,我们不能从凯恩斯的角度支持政府拯救市场,但是新制度经济学的理论可以。

From the perspective of new institutional economics, the only reason for the existence of government and public goods is to reduce transaction costs. The government rescues the market or rescues the market to a limited extent. Of course, it will reduce market efficiency and increase transaction costs. However, if the economic crisis induces a social crisis, the market transaction costs may be higher.

从新制度经济学的角度来看,存在政府和公共物品的唯一原因是降低交易成本。政府拯救市场或有限度地拯救市场。当然,这会降低市场效率并增加交易成本。但是,如果经济危机引发了社会危机,则市场交易成本可能会更高。

The government, like ordinary people, makes choices on the margins. Whether to rescue the market or not, the degree of intervention depends entirely on the balance of marginal transaction costs.

政府像普通百姓一样,在边际上做出选择。不管是否要拯救市场,干预的程度完全取决于边际交易成本的平衡。

For example, the failure of Boeing is not saved? If it is not saved, the bankruptcy of this company may trigger a chain reaction. A large number of companies fail and workers lose their jobs, so transaction costs will rise sharply. Rather than saving society, it is better to intervene in advance to save the market and save large enterprises.

例如,波音的失败不保存吗?如果没有保存,该公司的破产可能会引发连锁反应。大量公司倒闭,工人失业,因此交易成本将急剧上升。与其拯救社会,不如提前进行干预,以拯救市场和拯救大型企业。

If Boeing is rescued, it will induce moral hazard and increase transaction costs. What moral hazard? Boeing knew that it was "big to fail," and "strongly" asked the federal government for $60 billion in rescue, and it refused to exchange shares.

如果波音公司获救,将引发道德风险并增加交易成本。有什么道德风险?波音公司知道这是“失败的大本营”,并“强烈”要求联邦政府提供600亿美元的救助,但它拒绝交换股票。

This is actually a moral hazard induced by the federal government and the Federal Reserve's large-scale rescue of large companies in 2008-a disguised incentive for Wall Street financial institutions and large companies to take risks. Such rescue will only amplify the risk.

这实际上是联邦政府和美联储在2008年对大型公司进行大规模营救而引发的道德风险-这是对华尔街金融机构和大型公司冒险的变相诱因。这样的营救只会放大风险。

So how to rescue? Two conditions must be met:

那么如何解救呢?必须满足两个条件:

One is to strictly follow the Bajiet rule.

一是严格遵守巴吉特规则。

The Bajiet rule is specifically proposed to solve moral hazard, and it is basically to reduce payment costs. The government must formulate harsh bailout conditions, such as the definition of bailout targets, asset and liability requirements, punitive interest rates, and so on.

Bajiet规则是专门为解决道德风险而提出的,基本上是为了降低支付成本。政府必须制定苛刻的救助条件,例如救助目标的定义,资产和负债要求,惩罚性利率等等。

This time the Trump administration’s rescue conditions mentioned: “Prevent President Trump and his family business from accepting emergency taxpayer assistance”, “This provision also applies to Vice President Pence, heads of executive departments, members of Congress and His family", this is the definition of the recipients of assistance.

这次特朗普政府的救援条件提到:“防止特朗普总统及其家属接受紧急纳税人援助”,“此规定也适用于彭斯副总统,行政部门负责人,国会议员及其家人”,这是援助对象的定义。

"It is forbidden for companies that accept government loans to repurchase stocks before the full one year of repayment." "It is forbidden to raise the salary of employees or executives who received at least $425,000 in income last year". This is a liability clause for the rescued companies.

“禁止所有接受政府贷款的公司在还款满一年之前回购股票。” “禁止提高去年获得至少425,000美元收入的雇员或高管的薪水”。这是被救公司的责任条款。

However, these rescue conditions are too loose and not strict enough.

但是,这些救援条件过于宽松且不够严格。

Second, the rescue funds come from the government's public finances, and the central bank's loose policies should be used with caution.

其次,救助资金来自政府的公共财政,应谨慎使用中央银行的宽松政策。

There are essential differences between fiscal expansion rescue and monetary expansion rescue:

财政扩张救助与货币扩张救助之间有本质区别:

Responsibilities are different: the main responsibility of currency expansion or contraction is to maintain the stability of currency prices, and the "lender of last resort" procedure can only be initiated at the moment of crisis.

责任不同:货币扩张或收缩的主要责任是维持货币价格的稳定,而“最后贷款人”程序只能在危机时刻启动。

The effect is different: monetary expansion means that the currency in the market increases "out of thin air"; fiscal expansion is the transfer of funds, that is, the transfer of funds from the government to the market, enterprises and individuals. The government cannot expand its finances indefinitely. Taking into account the financial pressure, it will be more cautious.

效果是不同的:货币扩张意味着市场中的货币“凭空增长”;财政扩张是资金的转移,即资金从政府到市场,企业和个人的转移。政府不能无限期地扩大其财政。考虑到资金压力,会更加谨慎。

Therefore, it is necessary to set the rescue funding gradient:

因此,有必要设置救援资金的梯度:

The first level: government financial funds;

第一层:政府财政资金;

The second level: government financial guarantees, central bank loans;

第二级:政府财政担保,中央银行贷款;

The third level: direct loans from the central bank (the lender of last resort).

第三层:中央银行(最后贷款人)的直接贷款。

These three levels are based on marginal transaction costs, applicable to different crisis levels and objects, and have strict procedures and rescue conditions.

这三个级别基于边际交易成本,适用于不同的危机级别和对象,并具有严格的程序和救援条件。

Contrasting with the above, let's take a look at the problems with the Federal Reserve and the US government's rescue: The core problem is that the Federal Reserve and the US government have no separation of responsibilities and tied interests. Since the 1980s and 90s, European and American central banks have pursued independence. Why do they want independence?

与上述相反,让我们看一下美联储和美国政府的救助问题:核心问题是美联储和美国政府没有责任和利益的分离。自1980年代和90年代以来,欧美中央银行一直追求独立。他们为什么要独立?

Currency is a very special public commodity. The central bank cannot serve any government, enterprise, or individual alone, otherwise it will cause huge wealth injustice. However, the interests of the Federal Reserve and the US government are now completely tied up, and the US dollar and US debt are anchored to each other: the Federal Reserve buys Treasury bonds to issue US dollars, and the US government has the Federal Reserve to expand its deficit unscrupulously.

货币是一种非常特殊的公共商品。中央银行不能单独为任何政府,企业或个人提供服务,否则会造成巨大的财富不公。但是,美联储和美国政府的利益现在已经完全捆绑在一起,美元和美国债务彼此锚定:美联储购买国债发行美元,而美国政府拥有美联储肆无忌expand地扩大赤字。

Why does this result? The main reason is that the Fed's responsibilities are not clear. After Black Monday in 1987, "economic czar" Greenspan's desire for power has expanded. The Fed's responsibility extends from controlling inflation to employment, financial fragility and government deficits.

为什么会这样呢?主要原因是美联储的职责不明确。 1987年“黑色星期一”之后,“经济沙皇”格林斯潘对权力的渴望扩大了。美联储的责任从控制通货膨胀扩展到就业,金融脆弱性和政府赤字。

What exactly are the responsibilities of the central bank? The responsibility of the central bank is actually very simple, and that is to maintain currency price stability. This is determined by the nature of currency-an intermediary that solves the problem of transaction convenience, which is equivalent to a reference for price stability. (This is the key to understanding the problem)

中央银行的职责到底是什么?中央银行的责任实际上非常简单,那就是维持货币价格稳定。这是由货币的性质决定的,它是解决交易便利性问题的中介机构,它相当于价格稳定性的参考。 (这是理解问题的关键)

Maintaining currency stability is the sacred duty of the central bank, not the "lender of last resort." After the 1990s, the Bank of New Zealand, the Bank of Canada, the Bank of Deutsche Bank, and the Bank of England all made this goal (a single target system for the inflation rate).

维持货币稳定是中央银行的神圣职责,而不是“最后贷款人”。 1990年代后,新西兰银行,加拿大银行,德意志银行和英格兰银行都制定了这一目标(通货膨胀率的单一目标系统)。

The Fed played the role of "the central mother" and was finally kidnapped by the "cai dad" (Federal Government Ministry of Finance). After Greenspan's resignation, the United States broke out in a financial crisis. The Fed had no chance to adjust. Bernanke implemented quantitative easing. The Fed was deeply tied up with the federal government. Now the Fed has been unable to extricate itself.

美联储扮演“中央母亲”的角色,最终被“蔡爸爸”(联邦政府财政部)绑架。格林斯潘辞职后,美国爆发了金融危机。美联储没有机会进行调整。伯南克实行了量化宽松。美联储与联邦政府息息相关。现在,美联储已经无法自拔。

What do you mean? In order to maintain financial stability and the government's fiscal deficit, the Fed has compromised with the federal government countless times, lowering interest rates, buying treasury bonds, and helping the Treasury to raise funds. As a result, the federal fiscal deficit is getting higher and higher, the size of the national debt is getting bigger and bigger, and there are more and more national debt assets in the Fed's balance sheet. The Fed is kidnapped by the federal government and can only serve it unlimitedly.

你什么意思?为了维持金融稳定和政府的财政赤字,美联储无数次与联邦政府妥协,降低利率,购买国债,并帮助财政部筹集资金。结果,联邦财政赤字越来越高,国债规模越来越大,美联储的资产负债表中有越来越多的国债资产。美联储被联邦政府绑架,只能无限期地为其服务。

This is a reckless "collusion."

这是鲁re的“勾结”。

The Fed's binding with the US government has serious consequences:

美联储对美国政府的约束具有严重后果:

1. The US government kidnapped the Federal Reserve, the Fed kidnapped the market, and the market suffered from Stockholm syndrome.

1.美国政府绑架了美联储,美联储绑架了市场,市场遭受了斯德哥尔摩综合症。

Why did the Fed kidnap the market?

美联储为什么要绑架市场?

The President of the United States is an elected president. When the economy is in recession, when the unemployment rate falls, when the stock market falls, and when there are financial risks, the president will call the Fed to "release water." In the past few years, Trump has always been aggressive, while Powell has been losing ground.

美国总统是当选总统。当经济衰退,失业率下降,股市下跌以及存在金融风险时,总统将呼吁美联储“放水”。在过去的几年中,特朗普一直很激进,而鲍威尔则一直处于失地。

The Fed’s monetary policy was restrained by the President of the United States and indirectly "submitted" to the market and the people. Driven by the motive of free-riding, the people definitely hope to "release more water." Once the hitchhiker succeeds, another group of people suffers from it and is even vulnerable to Stockholm syndrome.

美联储的货币政策受到美国总统的限制,并间接地“屈服于”市场和人民。在搭便车的动机的驱使下,人们肯定希望“释放更多的水”。一旦搭便车成功,另一群人将遭受苦难,甚至容易患上斯德哥尔摩综合症。

What is Stockholm syndrome?

什么是斯德哥尔摩综合症?

For example, when you walked well, suddenly a strongman threw you into the water. When he was about to drown, he picked you up again. You thank him in every possible way.

例如,当您走路时,突然间一名强人将您扔入水中。当他快要淹死的时候,他又来接你。您以各种可能的方式感谢他。

The Fed drags down entrepreneurs and individuals who make the right decisions, and the "physique" of these companies and individuals has gradually become fragile. Once the crisis comes, they have to ask the Fed to "release the water." This is how the Fed in turn kidnapped the market.

美联储拖累做出正确决定的企业家和个人,这些公司和个人的“体格”逐渐变得脆弱。一旦危机来临,他们必须要求美联储“放水”。这就是美联储反绑架市场的方式。

From the Black Monday in 1987, the economic recession in 1990, to the Internet crisis in 2001, the financial crisis in 2008, to the stock market crash and the epidemic disaster, people have repeatedly strengthened the Stockholm syndrome: Fortunately, the Federal Reserve rescued the market. There is the US government to save me.

从1987年的黑色星期一到1990年的经济衰退,再到2001年的互联网危机,2008年的金融危机,再到股市崩盘和流行病灾难,人们一再强化斯德哥尔摩综合症:幸运的是,美联储救了市场。有美国政府来救我。

Free-riding motives and Stockholm syndrome work together, and the money market has become a tragedy of the commons where everyone grabs opium.

搭便车的动机和斯德哥尔摩综合症共同作用,货币市场已成为所有人抢鸦片的公地悲剧。

2. The U.S. government kidnapped the Fed, and the Fed kidnapped the global financial markets and central banks of other countries.

2.美国政府绑架了美联储,美联储绑架了全球金融市场和其他国家的中央银行。

The reason why the Fed is so capricious that it can "release water" in an unlimited amount and the dollar index can still rise sharply. It relies on the credit of the dollar: the world's largest reserve currency and international settlement currency.

美联储之所以如此反复无常,以至于它可以无限量地“释放水”,而美元指数仍然可以急剧上涨。它依靠美元的信贷:世界上最大的储备货币和国际结算货币。

U.S. dollar credit comes from the strength of the United States. Today, the United States is the only superpower, and the U.S. dollar and U.S. debt have enough credit to overdraft. However, the Fed's expansion of US dollar overdraft credit has caused "harm" to other countries. This is how the Fed collects seigniorage from the world and the US government grabs monopoly rents from the world.

美元信贷来自美国的实力。如今,美国是唯一的超级大国,美元和美国债务有足够的信誉来透支。但是,美联储扩大美元透支额度对其他国家造成了“伤害”。这就是美联储从世界上收取铸币税的方式,而美国政府则是从世界上获取垄断租金的方式。

The Federal Reserve prints money and Americans can purchase goods in the international market with US dollars. This is a kind of seigniorage. Should this seigniorage be collected?

美联储印钞,美国人可以在国际市场上用美元购买商品。这是铸币税。应该收集这种铸币税吗?

The use of U.S. dollars is the result of the market voting with feet. The advantage of using U.S. dollars is that U.S. dollars have better credit and lower global transaction costs, which facilitates international trade and local currency issuance. Therefore, seigniorage is actually the cost of using US dollars in the world.

美元的使用是市场用脚投票的结果。使用美元的好处是美元信用更好,全球交易成本更低,这有利于国际贸易和本币发行。因此,铸币税实际上是世界上使用美元的成本。

However, another type of seigniorage has been criticized.

但是,另一种形式的铸币税也遭到了批评。

The Fed used the crisis to repeatedly collect seigniorage. For example, after the crisis broke out, the Fed expanded its currency, and the U.S. dollar rose sharply. International capital returned to the United States to provide liquidity for the U.S. financial market. The financial market of other countries became even more vulnerable due to lack of liquidity. This is the problem of "crisis transformation" and "dollar hegemony" that has been criticized.

美联储利用危机反复收集铸币税。例如,危机爆发后,美联储扩大了货币汇率,而美元则大幅上涨。国际资本返回美国,为美国金融市场提供流动性。由于缺乏流动性,其他国家的金融市场变得更加脆弱。这就是被批评的“危机转变”和“美元霸权”的问题。

As the Fed expands the U.S. dollar, central banks such as Japan, China, and Saudi Arabia hold large-scale U.S. dollar assets and U.S. debt and have to follow the expansion of their currencies. Even if the European Central Bank and the Bank of England have better mechanisms, they are also kidnapped by the Fed, making it difficult for monetary policy to maintain independence. The financial cycles of some countries are opposite to those of the United States, and crises are prone to break out when the Fed tightens their currencies.

随着美联储扩大美元汇率,日本,中国和沙特阿拉伯等央行拥有大规模的美元资产和美国债务,必须跟随其货币的扩张。即使欧洲央行和英格兰银行拥有更好的机制,它们也受到美联储的绑架,这使得货币政策难以维持独立性。一些国家的金融周期与美国相反,当美联储收紧货币时,危机容易爆发。

No way. In the era of credit currency, the logic of competition is a competition of relative strength. The gold standard currency requires absolute strength, that is, the amount of gold reserves and a fixed price ratio. However, the credit currency is different. The anchor of the currency is the national credit. As long as the national credit of the United States is stronger than other countries, the US dollar is still "the tall man among the short men."

没门。在信用货币时代,竞争的逻辑是相对实力的竞争。黄金标准货币需要绝对的力量,即黄金储备的数量和固定的价格比率。但是,信用货币不同。货币的锚是国家信贷。只要美国的国家信用比其他国家强,美元仍然是“矮个子中的高个子”。

Therefore, the Federal Reserve has set a ceiling for world economic growth. However, in the long run, binding the Fed to the federal government is actually consuming the United States. Although after each crisis, the United States is still second to none and the US dollar remains unshakable, the absolute competitiveness of the United States will definitely decline.

因此,美联储为世界经济增长设定了上限。但是,从长远来看,将美联储与联邦政府捆绑在一起实际上是在消耗美国。尽管在每次危机之后,美国仍然是首屈一指的,并且美元仍然不可动摇,但美国的绝对竞争力肯定会下降。

This can be explained by Douglas North’s theory of the state ("Institutions, Institutional Changes and Economic Performance", Douglas North). North found that the government may have two choices when the country promotes institutional changes:

道格拉斯·诺斯(Douglas North)的国家理论(“制度,制度变迁和经济绩效”,道格拉斯·诺斯)可以解释这一点。诺斯发现,当国家推动机构变革时,政府可能有两种选择:

One is to establish a set of rules to maximize monopoly rent;

一个是建立一套规则以最大化垄断租金;

The second is to reduce transaction costs to maximize social output and increase government tax revenue.

第二是降低交易成本,以最大化社会产出并增加政府税收。

Previously, the U.S. government chose the second option and tried to reduce transaction costs. The goals of economic growth and tax increases were consistent. However, after the U.S. government kidnapped the Federal Reserve, it turned to the first goal, which is to seize the monopoly rent by issuing currency. The specific approach is to use the Federal Reserve’s monopoly on currency issuance to finance its fiscal deficit monetization and expand the national debt and fiscal deficit on a large scale.

以前,美国政府选择了第二种选择,并试图降低交易成本。经济增长和税收增加的目标是一致的。但是,在美国政府绑架了美联储之后,它转向了第一个目标,即通过发行货币来夺取垄断租金。具体做法是利用美联储在货币发行方面的垄断来为其财政赤字货币化提供资金,并大规模扩大国债和财政赤字。

Once the government's main income comes from monopoly rents, including land finance and central bank printing money, the government's goals will deviate from the goals of economic growth and social well-being. Only by placing government revenues in taxes, rather than monetizing financing of monopoly rents and fiscal deficits, will the government's actions be dedicated to reducing transaction costs and promoting economic growth.

一旦政府的主要收入来自垄断租金,包括土地融资和央行印制的货币,政府的目标将偏离经济增长和社会福祉的目标。只有通过将政府收入计入税收,而不是通过将垄断性租金和财政赤字的融资货币化,政府的行动才能致力于降低交易成本和促进经济增长。

Therefore, "easily lose weight" is a false proposition. While stimulating a large amount of money, it can also actively carry out reforms to promote growth, which is against human nature. The U.S. government embarked on the road of monopolizing rents. As a result, the debt inflation, bubble rise, overdraft of the country, technological innovation, and the growth of entities have declined.

因此,“轻松减肥”是错误的主张。它在刺激大量资金的同时,还可以积极进行改革以促进增长,这违背了人类的本性。美国政府走上垄断租金的道路。结果,债务膨胀,泡沫上升,国家透支,技术创新以及实体的增长下降了。

The problem is not only in the United States. Government revenue monopoly renting (monetization of fiscal deficits) has been a global trend since the 2008 financial crisis.

问题不仅仅在美国。自2008年金融危机以来,政府税收垄断租金(财政赤字货币化)已成为全球趋势。

What should I do? I think that after this crisis, the US Congress needs to enact a series of binding bills as soon as possible. North said that the system is the rule of social game, and its advantage is to define and limit the set of choices of people.

我该怎么办?我认为,在这场危机之后,美国国会需要尽快颁布一系列具有约束力的法案。诺斯说,该系统是社交游戏的规则,其优点是可以定义和限制人们的选择集。

Human motives are blind and irrational. The uncertainty and complexity of the environment often exceed people's rational cognition. Based on these two points, we need to formulate a system to deal with uncertainty: in times of crisis, the system can restrain self-irrational behavior, such as asking the Fed to "release water."

人类的动机是盲目的和非理性的。环境的不确定性和复杂性常常超出人们的理性认识。基于这两点,我们需要制定一个应对不确定性的系统:在危机时期,该系统可以抑制自我非理性行为,例如要求美联储“放水”。

Therefore, after the crisis, when the scars are healed and the pain has not been forgotten, quickly legislate. mainly includes:

因此,在危机过后,当伤疤得到治愈并且疼痛并未被遗忘时,请迅速立法。主要包括:

1. Strive to constrain the federal government's revenue within taxation.

1.努力将联邦政府的税收限制在税收范围内。

The federal government can issue national debt, but the national debt must be secured by taxation, not the dollar. The federal government provides loans or assistance to necessary enterprises, but must use fiscal revenue. To use the Federal Reserve to provide loans to companies, fiscal revenue must be used as a guarantee.

联邦政府可以发行国债,但国债必须由税收而非美元担保。联邦政府向必要的企业提供贷款或援助,但必须使用财政收入。要使用美联储向公司提供贷款,必须将财政收入用作担保。

If you do this, the U.S. Treasury bonds will suddenly collapse. After all, the scale of Treasury bonds and interest is too large to support tax revenue. Therefore, the legislation cannot be too tight at once. It can be gradual. According to the timeline, the federal government is forced to reduce the deficit year by year, try to increase tax revenue, and gradually return to the tax constraint framework.

如果这样做,美国国债会突然崩溃。毕竟,国债和利息的规模太大,无法支撑税收。因此,立法不能马上过于严格。它可以是渐进的。根据时间表,联邦政府被迫逐年减少赤字,试图增加税收收入,并逐步回归税收约束框架。

After all, this is the basic requirement of the social contract. That is, nationals pay taxes, and the government provides public services to citizens based on tax revenue. The government has no right to use or interfere with the Fed's coinage for any purpose.

毕竟,这是社会契约的基本要求。也就是说,国民缴税,而政府则根据税收为公民提供公共服务。政府无权出于任何目的使用或干扰美联储的货币。

2. Constrain the responsibilities and powers of the Federal Reserve.

2.限制美联储的职责和权力。

The current policy objectives of the Fed include employment rate, financial stability and inflation rate. Congress must reduce or deprive the Fed of its two major responsibilities and goals in regulating employment rates and financial stability. why?

美联储当前的政策目标包括就业率,金融稳定性和通货膨胀率。国会必须减少或剥夺美联储在调节就业率和金融稳定方面的两项主要职责和目标。为什么?

These two goals are not the goals of the central bank, but the goals of the government. If these two goals exist, it is easy to cause the Fed to tie up with the federal government and undermine the independence of monetary policy.

这两个目标不是中央银行的目标,而是政府的目标。如果存在这两个目标,就很容易使美联储与联邦政府接轨,破坏货币政策的独立性。

The Fed's sole goal is to stabilize currency prices. The main responsibility of the Fed is to maintain the stability of currency prices. Whether monetary policy is loose or tightened, currency prices are the reference. However, I neither agree with Friedman’s monetary quantity target, nor the world’s popular inflation rate target.

美联储的唯一目标是稳定货币价格。美联储的主要责任是维持货币价格的稳定。无论货币政策是宽松还是紧缩,货币价格都是参考。但是,我既不同意弗里德曼的货币数量目标,也不同意全球通货膨胀率目标。

Friedman's monetary quantity target is scientific in theory, but it is difficult to operate. Compared with the price mechanism, the response of the supply mechanism is not so sensitive and has a lag. The market can quickly recognize price signals (inflation rate, interest rate) and take action. However, the Fed operates in the open market and the market is not sensitive to how many government bonds it has purchased.

弗里德曼的货币数量目标在理论上是科学的,但操作却很困难。与价格机制相比,供给机制的反应不是那么敏感,而是有滞后的。市场可以快速识别价格信号(通货膨胀率,利率)并采取行动。但是,美联储在公开市场上运作,市场对其购买了多少政府债券并不敏感。

Why not approve of targeting inflation?

为什么不批准针对通胀?

This is a good target, but the inflation rate cannot reflect the full picture of currency prices. In the past few decades, European and American central banks have targeted inflation rates (usually 2%). As long as this goal can be maintained, the central bank can issue more currency.

这是一个很好的目标,但通货膨胀率不能反映货币价格的全部情况。在过去的几十年中,欧美中央银行的目标是通货膨胀率(通常为2%)。只要能维持这个目标,中央银行就可以发行更多货币。

As a result, the inflation rate is well controlled, but the currency issuance is flooding. A large amount of money went to the financial market and the real estate sector, leading to skyrocketing asset prices, idling funds and hollowing out the industry. Although prices have not risen, asset prices have expanded and real estate prices have risen, which also shows that currency values ​​are unstable.

结果,通货膨胀率得到了很好的控制,但是货币发行却泛滥成灾。大量资金流向了金融市场和房地产行业,导致资产价格飞涨,资金闲置和整个行业空洞化。尽管价格没有上涨,但资产价格上涨了,房地产价格上涨了,这也表明货币价值是不稳定的。

Therefore, only targeting the inflation rate is a lie: low inflation appeases the poor, high asset prices encourages the rich, the middle class suffers from it, and ultimately harms the country and the people. The European and American world has long been caught in a trap: low interest rates, low inflation, low growth, high leverage, and high bubbles.

因此,仅针对通货膨胀率是一个谎言:低通货膨胀会安抚穷人,高资产价格会鼓励富人,中产阶级因此而受苦,最终损害国家和人民。欧美世界长期陷入困境:低利率,低通胀,低增长,高杠杆率和高泡沫。

In fact, currency is the reference for the entire market. Currency prices have many indicators, including not only the inflation rate (usually expressed by prices), but also the production price index (PPI), interest rates, exchange rates, stock prices, futures prices, real estate prices, gold Prices, crude oil prices, etc.

实际上,货币是整个市场的参考。货币价格有很多指标,不仅包括通货膨胀率(通常以价格表示),还包括生产价格指数(PPI),利率,汇率,股票价格,期货价格,房地产价格,黄金价格,原油价格等

Therefore, it may be more scientific to establish a comprehensive price index based on prices, including factors such as production price index, exchange rate, real estate and financial asset prices, as the goal of monetary policy.

因此,将基于价格的综合价格指数作为货币政策的目标可能更为科学,包括生产价格指数,汇率,房地产和金融资产价格等因素。

3. Establish a risk gradient mechanism.

3.建立风险梯度机制。

Level 1 risk: corresponds to the economic stability cycle. The Fed has only one monetary goal and responsibility: the composite price index. The Fed focuses on interest rate regulation and open market operations.

1级风险:对应于经济稳定周期。美联储只有一个货币目标和责任:综合价格指数。美联储专注于利率监管和公开市场操作。

Secondary risk: Corresponding to government deficit crisis and economic crisis. The Fed can break through the limits of the composite price index target to a certain extent and fulfill its responsibilities as the “lender of last resort”: lending money to the government and financial institutions on a “limited basis” through quantitative easing, but it needs to strictly implement the Bajet rule and specify strict rescue conditions , Such as congressional approval, punitive interest rate, asset-liability ratio, etc.

次要风险:与政府赤字危机和经济危机相对应。美联储可以在一定程度上突破综合价格指数目标的限制,并履行其“最后贷款人”的职责:通过量化宽松在“有限的基础上”向政府和金融机构放贷,但是需要严格执行Bajet规则并指定严格的救援条件,例如国会批准,惩罚性利率,资产负债率等。

Three-level risk: Corresponding to social crisis and national wartime state The Fed can break through constraints and fully support the needs of the federal government and the market, including direct loans to companies and individuals, purchase of corporate bonds and transactional open index funds (ETFs).

三级风险:对应于社会危机和战时状态美联储可以突破限制并完全支持联邦政府和市场的需求,包括向公司和个人的直接贷款,购买公司债券和交易性开放指数基金( ETF)。

Fed Chairman Powell believes that the current "atypical economic downturn". This time the Fed and the US federal government launched a "wartime level" rescue. If the third-level risk is met, the rescue plan itself is not too problematic. The core of the problem lies in the rescue procedures, the Fed’s mechanism, and the federal government’s monopoly rent model.

美联储主席鲍威尔认为,当前“非典型的经济下滑”。这次,美联储和美国联邦政府发起了“战时水平”救援。如果满足了第三级风险,则救援计划本身就不会有太大问题。问题的核心在于救援程序,美联储的机制以及联邦政府的垄断租金模式。

Currently, in accordance with Article 13(3) of the Federal Reserve Act, under “abnormal and emergency situations”, if five or more members of the Federal Reserve Board of Governors vote and agree, the Federal Reserve can grant loans to any individual, partnership or institution.

目前,根据《联邦储备法》第13(3)条,在“异常和紧急情况”下,如果有五个或更多的联邦储备理事会成员投票并同意,美联储可以向任何个人提供贷款,合伙或机构。

This decree gives the Fed directors too much power. At present, the Fed relies on academic principles and elite decision-making, that is, "acting only on reliable economic principles and data."

该法令赋予美联储理事太多权力。目前,美联储依靠学术原则和精英决策,即“仅根据可靠的经济原则和数据行事”。

This approach is somewhat ideal. Fed directors face "asymmetric risks" and are easy to succumb to political, corporate, and populist pressure. Only in the case of secondary and tertiary risks, and after approval by Congress, the Fed has the corresponding power.

这种方法有些理想。美联储理事面临“不对称风险”,很容易屈服于政治,企业和民粹主义的压力。仅在存在第二和第三风险的情况下,并且在获得国会批准后,美联储才具有相应的权力。

Of course, unless there is a stagflation crisis or major social crisis similar to 70 years, the United States will continue to collect seigniorage from the world, and Congress will also lack the motivation to change.

当然,除非发生类似于70年的滞胀危机或重大社会危机,否则美国将继续从世界上收集铸币税,国会也将缺乏变革的动力。

Finally, the United States government and the Federal Reserve should be encouraged by all countries.

最后,所有国家都应鼓励美国政府和美联储。

 
 
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