[crt]
> Bodo bankirji - ko bo z leti napetost popustila - še zavestno sprejemali tvegane odločitve

da, ker jih ecb, lokalna in evropska politika nagovarjajo, naj vendar za bozjo voljo kreditirajo.

... namrec...

In the UK, where Mr. Fisher boldly declared his country would not repeat Japan’s mistakes and increased the monetary base 400 per cent, lending remains nearly 15 per cent below pre-Lehman levels, and the nation’s economy continues to seesaw between periods of no inflation and periods of outright deflation, much like Japan.

In the Eurozone, where Mr. Draghi increased the monetary base by 125 per cent since he introduced QE in 2015, bank lending grew only 0.85 per cent, and the inflation rate has remained around zero.

In Japan, Mr. Kuroda increased the monetary base by 174 per cent since he introduced QE in 2013, but bank lending only increased by 9 per cent. That 9 per cent growth represents zero acceleration from that of his predecessor Mr. Shirakawa, and the inflation rate remains at zero.

The above demonstrates that the argument that “inflation is everywhere and always a monetary phenomenon,” as submitted by Mr. Friedman and Mr. Krugman, may be valid when there is strong private-sector demand for funds, but is basically nonsense during a balance sheet recession, when the private sector refuses to borrow despite zero or even negative interest rates.

Koo: Why US Quantitative Easing “worked” better than other QEs

ftalphaville.ft.com/...other-qes/

.... in se malo necesa, kar danes morda se zgleda kot eksotika...

BoE Staff Working Paper No. 605: The macroeconomics of central bank issued digital currencies - John Barrdear and Michael Kumhof

We study the macroeconomic consequences of issuing central bank digital currency (CBDC) — a universally accessible and interest-bearing central bank liability, implemented via distributed ledgers, that competes with bank deposits as medium of exchange.

In a DSGE model calibrated to match the pre-crisis United States, we find that CBDC issuance of 30% of GDP, against government bonds, could permanently raise GDP by as much as 3%, due to reductions in real interest rates, distortionary taxes, and monetary transaction costs.

Countercyclical CBDC price or quantity rules, as a second monetary policy instrument, could substantially improve the central bank’s ability to stabilise the business cycle.

www.bankofengland.co...wp605.aspx