Без коментара Mike Norman Economics: Joesph Stiglitz — „The U.S. will always pay its debt. Because it just prints the dollars.“

„Let me assure you the U.S. will always pay its debt. How do I know that? If you borrow money from the United States you get a piece of paper, a bond. And what does the paper say? We promise to pay, say a thousand dollars. How do I know the United States could always pay that? Because they just print those dollars. You know, you can imagine a temporary shortage of electricity and the printing press didn’t work but apart from that it is inconceivable that we would not… we promise to pay you these little pieces of paper, you were foolish enough to accept that promise, and we will deliver those pieces of paper. But Greece can’t deliver those pieces of paper. When it borrowed in drachma it could deliver those pieces of paper called drachma. But now it promises to pay in euros and it doesn’t control the printing of the euros. That’s done from Frankfurt. And so they can’t get access to those euros. So in essence the euro created the potential for sovereign debt crises in Europe. A problem that had not been there before.“

Source: mikenormaneconomics.blogspot.de

Оно што смо знали сумирано на једном месту. Љубазношћу Мајка Нормана имамо и транскпт основних порука господина професора Стиглица. 

Ко има уши да чује нека чује!

See on Scoop.itSustainable Economics

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