MMT HA UN PROBLEMA

Riccardo Mariani

Adesso · 

MMT HA UN PROBLEMA

Come mai esistono paesi in iper-inflazione e iper-disoccupazione?

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The Rock-Star Appeal of Modern Monetary Theory

The Sanders generation and a new economic idea.

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Iperinflazione e disoccupazione

Inflation, MMT’s proponents contend, can be controlled through taxation, and only becomes a problem at full employment...

... MMT stands for “modern monetary theory,” which is the doctrine that because the government prints money, it can spend whatever it wants. I would accept this, but with a caveat. I would say

the government can spend whatever it wants. . .until it can’t.

This changes everything, because the prospect of reaching the point where “it can’t” some time in the future constrains what is prudent to do today.

To me, the hyperinflation in Venezuela exemplifies what happens when a country reaches the “it can’t” point. The country is not at full employment. But the government can’t seem to spend its way out of difficulty. Somebody should ask these MMT rock stars about the Venezuela example.

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COME NASCE UNA MONETA

Riccardo Mariani

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COME NASCE UNA MONETA

Al negozio compro un bene da 100 euro scontato del 50%, senonché alla cassa scopro che lo sconto consiste in realtà in un gettone del valore di 50 euro. Poiché il gettone puo’ essere speso solo in quel medesimo negozio mi sembra piuttosto esagerato parlare di “saldi del 50%”. Ma se puo’ essere speso in tutti i negozi col bollino rosso? E se lo accetta in pagamento anche la mia baby sitter? O il mio commercialista? O il mio parrucchiere? Ecco, allora sì che lo sconto comincia ad avvicinarsi al 50%! Le forze in campo per trasformare quel gettone in moneta ci sono, anche se uno su mille ce la fa. Intanto noi abbiamo capito meglio come nasce una moneta.

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The ongoing experiment with bootstrap equilibria, also known as tokens - Marginal REVOLUTION

There are many economics papers on bootstrap equilibria, for instance if agents in an economy expect it will do well, maybe that translates into actual results through the mechanisms of confidence, investment, and so on. Right now we have a huge and unprecedented laboratory for testing claims about....

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C

90%

90%

Il 90% della moneta svizzera è creata elettronicamente dalle banche. http://www.businessinsider.com/switzerland-referendum-on-banking-changes-2018-5?IR=T

Inflazioni record

Riccardo Mariani

9 min · 

Amazon

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Inflazioni registrate:

Germania ottobre 1923: 30000% al mese.
Yugoslavia 1994: 300.000.000% al mese.
Zimbabwe 2008: 400.000.000% al mese.
Ungheria 1946: 42.000.000.000.000.000% al mese.

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SIX ECASH HL Future Imperfect: Technology and Freedom in an Uncertain World by David D. Friedman

SIX ECASH Future Imperfect: Technology and Freedom in an Uncertain World by David D. Friedman - unasempliceantispam oltreilporno fiduciacommissioniprivacy nientecasseforti signoraggioepubblicità firmareedoublespending ecashnelmondoreale c/cvirtuali benedireteeostilitàgoverni 

SIX Read more at location 955

Note: 6@@@@@@@@@@@@@@@@ Edit

One is that a seller does not have to know anything about me in order to accept cash. That makes money a better medium for transactions with strangers,Read more at location 956

Note: VANTAGGI DEL CONTANTE. FIDUCIA Edit

better medium for small transactions, since using cash avoids the fixed costsRead more at location 957

Note: EVITA COMMISSIONI Edit

money leaves no paper trail, which is useful not only for criminals but for anyone who wants to protect his privacyRead more at location 958

Note: PROTEGGE LA PRIVACY Edit

The advantage of money is greater in cyberspace, since transactions with strangers,Read more at location 960

Note: NELLO CYBERSPAZIO Edit

The disadvantage is less, since my ecash would be stored inside my computer,Read more at location 961

Note: NIENTE CASSEFORTI Edit

Despite its potential usefulness, there is as yet no equivalent of cash available online,Read more at location 962

Note: XCHÈ MANCA L ECASH? Edit

The reason is in part the hostility of governments to competition in the money business,Read more at location 963

Note: RILUTTANZA DEI GOVERNI Edit

difficulty of getting standards,Read more at location 963

Add a note

giving at least one example of why it would be useful - for something more important than allowing men to look at pornography online without their wives or employers finding out. Read more at location 965

Note: OLTRE IL PORNO Edit

SLICING SPAM Read more at location 966

Note: IL PROBLEMA DELLE SPAM Edit

There is a simple solution to this problem - so simple that I am surprised it is not yet in common use. The solution is to put a price on your mailbox.Read more at location 969

Note: MAIL A PAGAMENTO Edit

Give your email program a list of the people you wish to receive mail from. Mail from anyone not on the list is returned with a note explaining that you charge five cents to read mail from strangers - and the URL of the stamp machine. Five cents is a trivial cost to anyone with something to sayRead more at location 970

Note: SOLUZIONE 5 CENT Edit

The stamp machine is located on a web page. The stamps are digital cash. Pay $10 from your credit card and you get in exchange 200 five-cent stamps - each a morsel of encrypted information that you can transfer to someone else who can in turn transfer it. Read more at location 973

Note: FRANCOBOLLO Edit

If lots of strangers choose to send me messages, I can accumulate a surplusRead more at location 976

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What is in it for the stamp machine - why would someone maintain such a system? Part of the answer is seigniorageRead more at location 980

Note: SIGNORAGGIO Edit

If your stamps are popular, many of them may stay in circulation for a long time - leaving the money that bought them in your bank account accumulating interest. Read more at location 981

Note: INTERESSI DEL SIGNORAGGIO Edit

If you own the stamp machine, you also own the wall behind it - the web page people visit to buy stamps. Advertisements on that wall will be seen by a lot of people. Read more at location 983

Note: PUBBLICITÀ Edit

One reason this solution to spam requires ecash is that it involves a large number of very small payments.Read more at location 984

Note: QUANDO L ECASH Edit

A second reason is privacy. Many of us would prefer not to leave a complete record of our correspondenceRead more at location 986

Note: PRIVACY Edit

CONSTRUCTING ECASH Read more at location 988

Add a note

how to provide people with virtual banknotes that cannot be counterfeited. Read more at location 988

Note: CONTRAFFAZIONE Edit

The solution is a digital signature.Read more at location 989

Note: FIRMA DIGITALE Edit

It digitally signs the note, using its private key.Read more at location 989

Note: CHIAVE PRIVATA Edit

When he receives the file he checks the digital signature against the bank's public key. Read more at location 992

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The Double Spending Problem Read more at location 992

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Sending a copy of the file in payment for one transaction does not erase it from your computer,Read more at location 993

Note: COPIARE LA MONETA Edit

One solution is for the bank to give each dollar its own identification number and keep track of which ones have been spent.Read more at location 995

Note: NUMERO IDENTIFICATIVO Edit

This solves the problem of double spending, but it also eliminates most of the advantages of ecash over credit cards. The bank knows that it issued banknote 94602... to Alice,Read more at location 998

Note: NIENTE PRIVACY CON L ID Edit

The solution to this problem uses what David Chaum, the Dutch cryptographer who is responsible for many of the ideas underlying ecash, calls blind signatures.Read more at location 1000

Note: FIRMA CIECA Edit

Curious readers will want to know how it is possible for a bank to sign a serial number without knowing what it is. I cannot tell them without first explaining the mathematics of public key encryption,Read more at location 1007

Add a note

But digital cash could also be useful for realspace transactions, and the cabby or hotdog vendor may not yet have an Internet connection.Read more at location 1011

Note: SPENDERE ECASH FUORI DAL CYBERSPAZIO Edit

Low-Tech Ecash Read more at location 1017

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Robot Mechanics Read more at location 1039

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You tell your computer what to pay to whom; it tells you what other people have paid to you and how much money you have.Read more at location 1042

Note: IL SALDO Edit

Random numbers, checks of digital signatures, blind signing, and all the rest are done in the background.Read more at location 1043

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how little most of us know about how the tools we routinely use, such as cars, computers, or radios, actually work. Read more at location 1044

Note: COSE CHE USIAMO SENZA CAPIRE Edit

ECASH AND PRIVACY Read more at location 1044

Note: PRIVACY Edit

What motivated him was the problem we discussed back in Chapter 4 - the loss of privacy created by the ability of modern information processing to combine publicly available information into a detailed portrait of each individual. Read more at location 1045

Note: MOTIVAZIONI DI CHAUM Edit

It would be very convenient if, instead of stopping at a toll booth when getting on or off the interstate, we could simply drive past, making the payment automaticallyRead more at location 1047

Note: TELEPASS Edit

One problem is privacy. If the payment is made with a credit card, or if the toll agency adds up each month's tolls and sends you a bill, someone has a complete record of every trip you have taken on the toll road, every time you have crossed a toll bridge.Read more at location 1049

Note: PEDAGGI E PRIVACY Edit

Ecash solves that problem. As you whiz past the tollbooth, your car pays it fifty cents in anonymous ecash. By the time you are thirty feet down the road, the (online) tollbooth has checked that the money is good; if it isn't an alarm goes off, a camera triggers, and if you do not stop a traffic cop eventually appears on your tail.Read more at location 1052

Note: PAGARE CON L ECASH Edit

It works for shopping as well. Ecash - this time encoded in a smart card in your wallet,Read more at location 1055

Note: CARTE DI CREDITO SUI CONTI ECASH Edit

PRIVATE MONEY: A NEW OLD STORY Read more at location 1058

Add a note

My examples so far assume that ecash will be produced and redeemed by private banks but denominated in government money.Read more at location 1058

Note: AGGANCIARE AL DOLLARO? MA ANCHE NO. Edit

any ecash expected to circulate widely will be issued by organizations with reputations.Read more at location 1065

Note: REPUTAZIONE Edit

Some economists, in rejecting the idea of private money, have argued that such an institution is inherently inflationary.Read more at location 1067

Note: INFLAZIONE NATURALE? Edit

The rebuttal to this particular argument was published in 1776. When Adam Smith wrote The Wealth of Nations, the money of Scotland consisted largely of banknotes issued by private banks, redeemable in silver.' As Smith pointed out, while a bank could print as many notes as it wished, it could not persuade other people to hold an unlimited number of its notes.Read more at location 1069

Note: CONFUTAZIONE DI SMITH Edit

The obligation of the bank to redeem its money guarantees its value,Read more at location 1075

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So far I have assumed that future ecash will be denominated in dollars.Read more at location 1079

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Dollars have one great advantage - they provide a common unit already in widespread use. They also have one great disadvantage - they are produced by a government, and it may not always be in the interest of that government to maintain their value in a stable,Read more at location 1079

Note: VANTAGGI E SVANTAGGI Edit

Dollars have a second disadvantage, although perhaps a less serious one. Because they are issued by a particular government, citizens of other governments may prefer not to use them.Read more at location 1084

Note: SECONDO SVANTAGGIO Edit

If large amounts of gold are discovered or if someone invents new and better techniques for extracting gold from low-grade ore, the value of gold, and of gold-based money, will decline.2Read more at location 1088

Note: DIFETTI DEL GOLD STANDARD Edit

That problem is solved by replacing a simple commodity standard with a commodity bundle.Read more at location 1091

Note: COMODITY BUNDLE Edit

getting all the firms issuing ecash to agree on the same bundle. If they fail to establish a common standard, we end up with a cyberspace in which different people use different currencies and the exchange rates between them vary randomly. That is not an unworkable situation - Europeans lived with it for a very long time - but it is a nuisance. Life is easier if the money I use is the same as the money used by the people I do business with.Read more at location 1097

Note: MULTIMONETA? Edit

A system of multiple monopoly government moneys works less well in cyberspace because in cyberspace national borders are transparent.Read more at location 1103

Add a note

The obvious solution is to establish a single standard of value, either by adopting one national currency, probably the dollar, possibly the euro, or by establishing a private standard such as the sort of commodity bundle described earlier. Read more at location 1106

Note: STANDARD Edit

The reason that everyone wants to use the same currency as his neighbors is that currency conversion is a nuisance. But currency conversion is arithmetic and computers do arithmetic fast and cheap. Perhaps, with some minor improvements in the interfaces on which we do online business, we could make the choice of currency irrelevant, permitting multiple standards to coexist. Read more at location 1107

Note: CONVERSIONI AUTOMATICHE Edit

As I write, the countries of Europe are in the final stages of replacing their multiple national currencies with the euro. If the picture I have just painted turns out to be correct, they may have finally achieved a common currency just as it was becoming unnecessary. Read more at location 1117

Note: LA BEFFA DELL EURO Edit

WILL IT HAPPEN? Read more at location 1121

Note: ACCADRÀ Edit

he was generally right about the way the world was moving, wrong about how fast it would get there. He correctly saw the logical pattern but failed to allow for the enormous inertia of human society. Read more at location 1123

Note: LE PREVISIONI DI ORWELL Edit

Chaum himself, working with the Mark Twain Bank of Saint Louis, attempted to get a semi-anonymous ecash into circulation - one that permitted one party to a transaction to be identified by joint action of the other party and the bank. The effort failed and was abandoned. One reason it has not happened is that online commerce has only very recently become large enough to justify it.Read more at location 1126

Note: FALLIMENTO DI CHAUM Edit

A second reason, I suspect but cannot prove, is that national governments are unhappy with the idea of a widely used money that they cannot controlRead more at location 1129

Note: OSTILITÀ DEI GOVERNI Edit

A third and closely related reason is that a truly anonymous ecash would eliminate a profitable form of law enforcement.Read more at location 1130

Note: EVASIONE FACILITATA Edit

There is no practical way to enforce money-laundering lawsRead more at location 1131

Note: ANTIRICICLAGGIO Edit

A final reason is that ecash is only useful to me if many other people are using it, which raises a problem in getting it started.Read more at location 1132

Note: BENE DI RETE PROBLEMI DI PARTENZA