See the English version further down the page: Who wants $ 600 billion ... in Monopoly money?
.Il y a plusieurs moyens de créer de la monnaie: la voler en est un. Plus communément on la crée à travers une Banque Centrale.
La Banque Centrale va émettre de la monnaie fondée sur la possession ou la détention d’actifs financiers ou réels, c’est-à-dire des actions, obligations et autres instruments financiers ou des immeubles, des machines et des équipements.
Grosso modo la monnaie reflète la richesse d’un pays : si le pays de JoujouLand a une richesse de 10.000 , la monnaie de JoujouLand doit être de 10.000, le parfait reflet du miroir en quelque sorte.
Cela, c’est la théorie.
Quand on a besoin de monnaie supplémentaire, bien que la richesse du pays soit 10.000 on imprime 15.000, 20.000 ou 30.000 unités de monnaie c’est ce qu’on appelle de la création dynamique de monnaie, du stimulus, du dopage ou de l’inflation ca dépend de quel coté on est du pouvoir et à quel moment.
Mais la véritable création de monnaie vient des individus et des entreprises à travers les échanges économiques et financiers
Si Monsieur Dupont possède 100 euros et va les déposer à la banque Banco, il en résultera que M. Dupont possédera 100 euros (sa créance sur la banque) et la Banco possédera 100 euros (l’argent déposé par M. Dupont sur son compte)
Banco prêtera les 100 euros à l’entreprise A qui utilisera ces fonds pour acheter une machine valant 100 euros à l’entreprise B. L’entreprise B utilisera cet argent pour acheter une machine-outil de 100 euros à l’entreprise C. Et ainsi de suite.
A ce stage on aura :
100 euros de M. Dupont
100 euros de Banco
100 euros l’entreprise A (la valeur de la machine)
100 euros l’entreprise B (la valeur de la machine-outil)
100 euros l’entreprise C qui a reçu 100 euros de l’entreprise B
Les 100 euros de M. Dupont auront donc créé 400 euros supplémentaires d’où le résultat suivant : 100 euros = 500 euros. C’est là que réside la véritable création de monnaie. Dans la pratique il y a de la déperdition dans le système du fait des taxes, des commissions bancaires et des frais de transactions. Mais tout cela est compensé par le fait que l’argent continue à circuler au-delà des 5 cycles et que 100 euros donneront au final probablement 800 à 1.500 euros.
L’accélérateur et le multiplicateur de Keynes ont démontré le reste
Les banques centrales ont beaucoup d’autres moyens de créer de la monnaie, par exemple en achetant par exemple des actifs sains (actions, obligations, divers instruments de paiements financiers) ou douteux (les emprunts subprime).
Or un phénomène nouveau vient de se créer ou plus exactement de s’amplifier à la grande surprise de Wall Sreet : il y a quelques jours la FED, la Federal Reserve Bank (la Banque Centrale Américaine) a acheté pour 600 milliards de dollars de Bons du Trésor américain.
Pour l’instant c’est la FED qui joue ce jeu avec maestria, mais il est à parier que la Banque Centrale Européenne, la Banque du Japon et autre Banque d’Angleterre y trouveront des idées fertiles.
Le Trésor d’un Etat est sa banque intérieure. La Banque Centrale est sa banque extérieure. Les deux appartiennent au même Etat, même si certaines banques centrales comme la FED on un statut privé. Mais c’est alors une simple fiction juridique. Le patron est bel et bien l’Etat.
Les bons du Trésor des Etats sont issus des impôts des contribuables. Ils servent à financer le budget de l’Etat (en général son déficit). Ils sont librement négociables entre les particuliers, les entreprises, les institutions financiers et les banques, y compris les banques centrales des autres Etats. Il est plus rare (mais pas inhabituel) que les Bons du Trésor d’un Etat soient achetés par la Banque Centrale du même Etat.
Cependant, c’est financièrement peu orthodoxe car cela revient à ce que Monsieur Durand vende sa voiture à Monsieur Durand. C’est comique. Mais peu économique.
Donc, bien que cela ne soit pas rare ce n’est pas aussi fréquent que cela.
Heureusement.
Car c’est inquiétant.
Pourquoi ?
Parce qu’on crée un double effet multiplicateur (appelé autrement dans le système de Keynes, mais qui revient au même) de création de monnaie : l’impôt est un prélèvement de l’Etat autorisé par son pouvoir régalien sur les actifs ou flux (revenus) des particuliers et entreprises. C’est un transfert de monnaie. Mais cette monnaie sert à être redistribuée dans l’économie (paiement des fonctionnaires, financement des infrastructures, etc.). Elle n’est pas censée être en soi un instrument de création de monnaie puisque la FED (ou toute autre banque centrale) en achetant des Bons du Trésor va agir comme seconde banque, la première étant l’Etat, alors que justement la seconde, la banque centrale est également, la banque de l’Etat pers se (en soi).
Donc même si la banque centrale (FED ou autre) est officiellement indépendante elle est la banque de l’Etat. Que cette banque d’Etat achète à l’Etat de l’argent qu’elle va re-prêter à ce même Etat par l’intermédiaire de son autre banque (le Trésor) est une contradiction dans les termes. Cela veut dire que l’Etat est la Banque de sa propre Banque Centrale, et vice-versa et cela a quelque chose de contre-naturel quand elle se prêtent et se réprètent le même argent (100) pour créer de la nouvelle monnaie (1.000)
En clair, à force multiplier les sources et facteurs de création de monnaie on se trouve avec une monnaie dont le montant est découplé de la valeur économique que la valeur financière est censée représenter.
De plus une banque qui prête à une autre le même argent que l’autre lui a prêté et vice-versa et de nouveau, et encore, et à nouveau et réciproquement a de quoi inquiéter les esprits.
Un pays dont la richesse est de 1.000 peut alors se retrouver avec un volume de monnaie de 3.000, 10.000, ou 100.000.
Or, lorsqu’une bicyclette qui vaut 1.000 est vendue 100.000 ce n’est plus une bicyclette, c’est une bicyclette en platine. Ou une fausse bicyclette.
Cela s’appelle l’hyperinflation
Dans les années 20, sous la république de Weimar en Allemagne l’hyperinflation a eu des résultats inattendus, comme par exemple le fait que les citoyens étaient contrains d’aller acheter leur baguette de pain avec une brouette de billets de banque hyper dévalués.
Certains se demandent pourquoi nous assistons silencieux à une nouvelle ruée vers l’or sur les marchés financiers, une sorte de fièvre de l’or comme valeur refuge contre les billets de papier.
Sans doute ont-ils oublié la République de Weimar.
Olivier Chazoule
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Who wants $ 600 billion ... in Monopoly money?
There are several ways to create money: the fly is one. More commonly it is created through a Central Bank.
The Central Bank will issue money based on possession or holding of financial assets or real, that is to say, stocks, bonds and other financial instruments or buildings, machinery and equipment.
Broadly reflects the currency of a country's wealth: if the country has a wealth of JoujouLand 10,000, the money must be JoujouLand 10,000, the perfect reflection of the mirror somehow.
That's the theory.
When you need extra money, although the country's wealth is printed 15,000 or 10,000, 20,000 or 30,000 units of currency is what is called the dynamic creation of money, stimulus, doping or the inflation it depends on which side one is power and when.
But the real money creation comes from individuals and businesses through the economic and financial exchanges
If Mr Smith has 100 euros and will submit them to the Banco, the result that Mr. Smith will have 100 euros (his claim on the bank) and the Bank will have 100 euros (the money deposited by Mr. Smith's account )
Banco will pay 100 euros to the company that will use the funds to buy a machine worth 100 euros to Company B. Company B will use the money to buy a machine tool 100 euros to the company C. And so on.
At this stage we have:
EUR 100 M. Smith
100 euros Banco
EUR 100 Company A (the value of the machine)
EUR 100 Company B (the value of the machine tool)
EUR 100 Company C who received 100 euros from company B
The 100 euros Dupont have therefore created an additional 400 euros from which the following result: 100 euros = 500 euros. Therein lies the real money creation. In practice there is leakage in the system because of the taxes, bank charges and transaction fees. But this is offset by the fact that the money continues to flow beyond 5 cycles and 100 euro will ultimately probably 800 to 1500 euros.
The accelerator and the multiplier Keynes showed the rest
Central banks have many other ways to create money, for example by buying assets such as healthy (stocks, bonds, instruments of financial payments) or doubtful (subprime loans).
Now a new phenomenon has just been created or more precisely, to amplify the surprise of Wall Sreet: a few days ago the Fed, the Federal Reserve Bank (the Central American Bank) bought for $ 600 billion of bills U.S. Treasury.
For the moment the Fed is playing this game with skill, but it is likely that the European Central Bank, the Bank of Japan and other Bank of England will find fertile source of ideas.
The treasury of a state bank is its interior. The Central Bank's foreign bank. Both belong to the same state, although some central banks like the Fed is a private status. But then a simple legal fiction. The boss is actually the state.
Treasury bills are from the state's taxes. They are used to finance the state budget (the deficit in general). They are freely negotiable between individuals, businesses, financial institutions and banks, including central banks of other states. It is rarer (but not unusual) that the Treasury of a State are purchased by the Central Bank of the State.
However, it is financially unorthodox because it means that Mr. Brown sold his car to Mr. Durand. It's funny. But uneconomical.
So, although it is not uncommon it is not as frequent as that.
Fortunately.
Because it is disturbing.
Why?
Because it creates a double multiplier effect (otherwise known as the Keynesian system, but that is the same) money creation: the tax is a levy authorized by the state's sovereign power over the assets or flows ( income) of individuals and businesses. It is a transfer of money. But this money is to be redistributed in the economy (paid staff, infrastructure financing, etc..). It is not supposed to be in itself an instrument of creation of money since the Fed (or any other central bank) by buying Treasury bonds will act as a second bank, the first being the state, while just the second the central bank is the bank of the State pers se (in itself).
So even if the central bank (FED or otherwise) it is formally independent of the state bank. State bank that buys the state money it will re-lend to the same State through its other bank (Treasury) is a contradiction in terms. This means that the state is the Bank's own Central Bank, and vice versa and this is something natural-cons when it is suitable and is the same money-lending (100) to create the new currency (1,000 )
Clearly, force multiplying factors and sources of money creation we find ourselves with a currency whose amount is decoupled from the economic value of the dollar value is supposed to represent.
In addition, a bank that lends to another the same money as the other lent him and vice versa and again and again and again and each has enough to worry the minds.
A country whose wealth is 1.000 can then be left with a volume of currency in 3000, 10,000 or 100,000.
However, when a bicycle is worth 1000 sold 100,000 it's not a bicycle is a bicycle made of platinum. A false or bicycle.
This is called hyperinflation
In the 20s, under the Weimar Republic hyperinflation in Germany has had unexpected results, such as the fact that citizens were compel to go buy their loaf of bread with a wheelbarrow of banknotes hyper devalued.
Some wonder why we are seeing a new muffler gold rush in the financial markets, a kind of gold fever as a hedge against paper tickets.
Without doubt they have forgotten the Weimar Republic.
Olivier Chazoule
There are several ways to create money: the fly is one. More commonly it is created through a Central Bank.
The Central Bank will issue money based on possession or holding of financial assets or real, that is to say, stocks, bonds and other financial instruments or buildings, machinery and equipment.
Broadly reflects the currency of a country's wealth: if the country has a wealth of JoujouLand 10,000, the money must be JoujouLand 10,000, the perfect reflection of the mirror somehow.
That's the theory.
When you need extra money, although the country's wealth is printed 15,000 or 10,000, 20,000 or 30,000 units of currency is what is called the dynamic creation of money, stimulus, doping or the inflation it depends on which side one is power and when.
But the real money creation comes from individuals and businesses through the economic and financial exchanges
If Mr Smith has 100 euros and will submit them to the Banco, the result that Mr. Smith will have 100 euros (his claim on the bank) and the Bank will have 100 euros (the money deposited by Mr. Smith's account )
Banco will pay 100 euros to the company that will use the funds to buy a machine worth 100 euros to Company B. Company B will use the money to buy a machine tool 100 euros to the company C. And so on.
At this stage we have:
EUR 100 M. Smith
100 euros Banco
EUR 100 Company A (the value of the machine)
EUR 100 Company B (the value of the machine tool)
EUR 100 Company C who received 100 euros from company B
The 100 euros Dupont have therefore created an additional 400 euros from which the following result: 100 euros = 500 euros. Therein lies the real money creation. In practice there is leakage in the system because of the taxes, bank charges and transaction fees. But this is offset by the fact that the money continues to flow beyond 5 cycles and 100 euro will ultimately probably 800 to 1500 euros.
The accelerator and the multiplier Keynes showed the rest
Central banks have many other ways to create money, for example by buying assets such as healthy (stocks, bonds, instruments of financial payments) or doubtful (subprime loans).
Now a new phenomenon has just been created or more precisely, to amplify the surprise of Wall Sreet: a few days ago the Fed, the Federal Reserve Bank (the Central American Bank) bought for $ 600 billion of bills U.S. Treasury.
For the moment the Fed is playing this game with skill, but it is likely that the European Central Bank, the Bank of Japan and other Bank of England will find fertile source of ideas.
The treasury of a state bank is its interior. The Central Bank's foreign bank. Both belong to the same state, although some central banks like the Fed is a private status. But then a simple legal fiction. The boss is actually the state.
Treasury bills are from the state's taxes. They are used to finance the state budget (the deficit in general). They are freely negotiable between individuals, businesses, financial institutions and banks, including central banks of other states. It is rarer (but not unusual) that the Treasury of a State are purchased by the Central Bank of the State.
However, it is financially unorthodox because it means that Mr. Brown sold his car to Mr. Durand. It's funny. But uneconomical.
So, although it is not uncommon it is not as frequent as that.
Fortunately.
Because it is disturbing.
Why?
Because it creates a double multiplier effect (otherwise known as the Keynesian system, but that is the same) money creation: the tax is a levy authorized by the state's sovereign power over the assets or flows ( income) of individuals and businesses. It is a transfer of money. But this money is to be redistributed in the economy (paid staff, infrastructure financing, etc..). It is not supposed to be in itself an instrument of creation of money since the Fed (or any other central bank) by buying Treasury bonds will act as a second bank, the first being the state, while just the second the central bank is the bank of the State pers se (in itself).
So even if the central bank (FED or otherwise) it is formally independent of the state bank. State bank that buys the state money it will re-lend to the same State through its other bank (Treasury) is a contradiction in terms. This means that the state is the Bank's own Central Bank, and vice versa and this is something natural-cons when it is suitable and is the same money-lending (100) to create the new currency (1,000 )
Clearly, force multiplying factors and sources of money creation we find ourselves with a currency whose amount is decoupled from the economic value of the dollar value is supposed to represent.
In addition, a bank that lends to another the same money as the other lent him and vice versa and again and again and again and each has enough to worry the minds.
A country whose wealth is 1.000 can then be left with a volume of currency in 3000, 10,000 or 100,000.
However, when a bicycle is worth 1000 sold 100,000 it's not a bicycle is a bicycle made of platinum. A false or bicycle.
This is called hyperinflation
In the 20s, under the Weimar Republic hyperinflation in Germany has had unexpected results, such as the fact that citizens were compel to go buy their loaf of bread with a wheelbarrow of banknotes hyper devalued.
Some wonder why we are seeing a new muffler gold rush in the financial markets, a kind of gold fever as a hedge against paper tickets.
Without doubt they have forgotten the Weimar Republic.
Olivier Chazoule
