Eccolo il dibattito che conta oggi sull’attuale crisi monetaria: inflazione (staglazione) o deflazione. E tutto si centra attorno alla definizione di offerta monetaria, che avevamo già cominciato a trattare in precedenza.
Sul Mises, Stefan Karlsson ha ufficialmente aperto le danze: Myths About The Monetary Base And Bank Reserves
Notare che le riserve bancarie sono diventate ininfluenti, oramai un costo, a causa del moral hazard introdotto dalle banche centrali con iniezioni illimitate di liquidità.
Riporto due passaggi molti significativi:
“Today, the only thing preventing banks from reducing reserves to zero is formal reserve requirements and the need to have cash available for withdrawals from bank offices and ATMs. But with the banks moving away from deposits with reserve requirements such as demand deposits and instead finance its operations in for example Money Market Mutual Fund accounts (And using so called sweep operations the banks ensure that the level of demand deposits are always minimized even if customers deposit money there) that don’t have any reserve requirements the level of required reserves is declining in importance. And with the increasing use of electronic transactions, cash for customer withdrawals is also becoming less important and is at an absolute level very low. Because of this, bank reserves are increasingly disconnected from the level of money supply.”
“…the Fed have almost no control over bank reserves. If they started to impose reserve requirements on all deposits, they could have controlled it, but as it is they don’t.”