美國國債解決方式 - 美元

By Ida
at 2011-07-08T00:34
at 2011-07-08T00:34
Table of Contents
在貨幣戰爭作者宋鴻兵微博上看到的:
----
如何解決美國國債上限問題,Ron Paul議員出了個好主意。自QEQ以來,美聯儲
大約吃進了1.6萬億美國國債,這些債務其實是美聯儲代持的政府欠自己的債,
既然如此國會可下令美聯儲直接“燒掉”這1.6萬億債券,既解決國債法定上限
問題,同時免除高額債務利息的財政負擔。需要緊縮時,可學習中國提高準備金
率即可。
美聯儲前官員提出了另一套解決國債上限思路。財政部將黃金儲備賣給美聯儲,
換回現金維持政府運轉。當國債法定上限問題解決後,再將這些黃金贖回。即是
用“黃金回購協議”(Gold Repo)短期解決資金問題。這樣的做法雖然不會直
接影響世界黃金市場,但心理衝擊肯定不小,央行們將把黃金資產看得更重。
其實,兩種方案都有瑕疵。Ron Paul方案削減了美聯儲的資產,但負債項的貨幣
已經流出,美聯儲勢必面臨資產負債表不平衡的問題,如何補足自有資本金呢?
可能必須向財政部掛帳,以後減少返還的利息沖抵,或其採用它方式。黃金回購
的問題是,黃金屬於財政部,但已經以黃金證書的形式存在於美聯儲了,豈能兩
次記帳?
----
我比較好奇的是以Ron Paul的方案來說,
真的“燒掉”這1.6兆債券,
導致聯準會的資產負債表產生不平衡的話,
宋鴻兵提到的向財政部掛帳,這是怎樣的手法,不太了解...
雖然依美國憲法規定,國會具有鑄幣權,
現在是國會授權給聯準會發行貨幣,
理論上國會下令聯準會燒掉這些債券似乎不違憲,
只是這樣一來,既然債券可以這樣隨隨便便燒掉,
造成的影響應該遠比技術性違約更嚴重吧。
至於聯準會的那項黃金方案,
雖然黃金證書已經存在聯準會,
不過為何這樣一來就不能用所有權轉移來解決問題呢?
(所有權從財政部→聯準會,等屆時問題解決贖回後再聯準會→財政部)
看完宋鴻兵這段微博後,對於許多相關運作細節還是滿多不懂的><
話說看完Ron Paul的方案我倒是有另一個想法。
因為現在貨幣發行權被聯準會壟斷,
所以必須要把聯準會發行的1.6兆現金送進聯準會,
這樣才能把這1.6兆美元連同債務一同銷毀達到平衡。
若直接燒掉國債則會產生不平衡。
既然如此,國會或許可以考慮利用擁有鑄幣權的法源依據,
獨立發行一張法定價值1.6兆美元的特別現金憑證送進聯準會,
藉以把這1.6兆債務給一筆勾銷,
這樣一來在帳面上就可以平衡了吧...
(以上不考慮會造成什麼可怕的後果)
--
----
如何解決美國國債上限問題,Ron Paul議員出了個好主意。自QEQ以來,美聯儲
大約吃進了1.6萬億美國國債,這些債務其實是美聯儲代持的政府欠自己的債,
既然如此國會可下令美聯儲直接“燒掉”這1.6萬億債券,既解決國債法定上限
問題,同時免除高額債務利息的財政負擔。需要緊縮時,可學習中國提高準備金
率即可。
美聯儲前官員提出了另一套解決國債上限思路。財政部將黃金儲備賣給美聯儲,
換回現金維持政府運轉。當國債法定上限問題解決後,再將這些黃金贖回。即是
用“黃金回購協議”(Gold Repo)短期解決資金問題。這樣的做法雖然不會直
接影響世界黃金市場,但心理衝擊肯定不小,央行們將把黃金資產看得更重。
其實,兩種方案都有瑕疵。Ron Paul方案削減了美聯儲的資產,但負債項的貨幣
已經流出,美聯儲勢必面臨資產負債表不平衡的問題,如何補足自有資本金呢?
可能必須向財政部掛帳,以後減少返還的利息沖抵,或其採用它方式。黃金回購
的問題是,黃金屬於財政部,但已經以黃金證書的形式存在於美聯儲了,豈能兩
次記帳?
----
我比較好奇的是以Ron Paul的方案來說,
真的“燒掉”這1.6兆債券,
導致聯準會的資產負債表產生不平衡的話,
宋鴻兵提到的向財政部掛帳,這是怎樣的手法,不太了解...
雖然依美國憲法規定,國會具有鑄幣權,
現在是國會授權給聯準會發行貨幣,
理論上國會下令聯準會燒掉這些債券似乎不違憲,
只是這樣一來,既然債券可以這樣隨隨便便燒掉,
造成的影響應該遠比技術性違約更嚴重吧。
至於聯準會的那項黃金方案,
雖然黃金證書已經存在聯準會,
不過為何這樣一來就不能用所有權轉移來解決問題呢?
(所有權從財政部→聯準會,等屆時問題解決贖回後再聯準會→財政部)
看完宋鴻兵這段微博後,對於許多相關運作細節還是滿多不懂的><
話說看完Ron Paul的方案我倒是有另一個想法。
因為現在貨幣發行權被聯準會壟斷,
所以必須要把聯準會發行的1.6兆現金送進聯準會,
這樣才能把這1.6兆美元連同債務一同銷毀達到平衡。
若直接燒掉國債則會產生不平衡。
既然如此,國會或許可以考慮利用擁有鑄幣權的法源依據,
獨立發行一張法定價值1.6兆美元的特別現金憑證送進聯準會,
藉以把這1.6兆債務給一筆勾銷,
這樣一來在帳面上就可以平衡了吧...
(以上不考慮會造成什麼可怕的後果)
--
Tags:
美元
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