tag:blogger.com,1999:blog-8179758575862142660.post3768973434354166527..comments2024-03-17T09:48:25.248+01:00Comments on Basta con l'Eurocrisi: Save the Eurozone from the EuroMarco Cattaneohttp://www.blogger.com/profile/07573325708700347277noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-8179758575862142660.post-42540057916189564732015-07-23T18:27:51.258+02:002015-07-23T18:27:51.258+02:00No scapegoat. Putting to work idle resources. That...No scapegoat. Putting to work idle resources. That's the key to recovery.Marco Cattaneohttps://www.blogger.com/profile/07573325708700347277noreply@blogger.comtag:blogger.com,1999:blog-8179758575862142660.post-47931059524976275642015-07-23T18:21:56.294+02:002015-07-23T18:21:56.294+02:00you had better not looking for a scapegoat, buddie...you had better not looking for a scapegoat, buddies.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8179758575862142660.post-46817177927655375492015-07-23T13:39:04.414+02:002015-07-23T13:39:04.414+02:00"You" ??? Not me. And not the Italian st..."You" ??? Not me. And not the Italian state.Marco Cattaneohttps://www.blogger.com/profile/07573325708700347277noreply@blogger.comtag:blogger.com,1999:blog-8179758575862142660.post-28650261054837834612015-07-23T13:32:39.802+02:002015-07-23T13:32:39.802+02:00you print money everyday, too much money, with no ...you print money everyday, too much money, with no reforms. that's your problem. money won't work this way.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8179758575862142660.post-33869253417739094752015-07-23T12:49:22.364+02:002015-07-23T12:49:22.364+02:00Money I cannot control, if I don't print it.Money I cannot control, if I don't print it.Marco Cattaneohttps://www.blogger.com/profile/07573325708700347277noreply@blogger.comtag:blogger.com,1999:blog-8179758575862142660.post-48157225189564423132015-07-23T12:43:13.381+02:002015-07-23T12:43:13.381+02:00you can control money, public expenditure, taxes, ...you can control money, public expenditure, taxes, with no need to print money.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8179758575862142660.post-82363530354157090522015-07-23T11:54:15.932+02:002015-07-23T11:54:15.932+02:00"I am not sure how these credit certificates ..."I am not sure how these credit certificates are going to be issued, in detail, and to whom.<br /><br />Previously (in Vox EU) you said that they would only be issued to "Workers and enterprises free of charge" here you seem to be suggesting that these TCC could also be available to pay government expenditure."<br /><br />===> That's right: workers and enterprises will account for most of the issuances, but we believe a portion might be allocated to fund / co-fund welfare expenditure, public investments etc.<br /><br /><br />"In Vox EU you said that 8, 16, 24 should be made available in the first four years, so that a total of 48 bn are outstanding after year 3. But despite pumping 48bn into the economy (about 27% of Greek GDP), the benefit in GDP growth are relatively modest:<br /><br />Against a baseline of 1.5% nominal growth (real 1%) per year (no TCC), you expect nominal 6.3% growth (real 4.3%) per year if multiplier is 1.5, and nominal growth of 4.3% (real 2.4%) if multiplier is 0.8. That is after year 3."<br /><br />===> TCC impact on each year growth depends on the increase of TCC issuances vs previous year, not on the absolute amount in a specific year. As requested, I'm sending you by email a few details which should help to clarify the matter.<br /><br /><br />"I am not certain how many certificates you expect to be changed into Euro, and at what price (discount rate)? Again, who would benefit? As the person/enterprise being issued with TCC will have a benefit over other members of society who were not issued with these certificates. The TCC represent real spending power now (if discounted) and members of society who have not got them will lose out."<br /><br />===> We expect a marginal propensity to consume of around 90% initially, declining to 80% in a couple of years as the economy improves, and a discount rate of 10% (on a yearly basis), gradually declining to 5%. This for Greece: the discount rate would be definitely lower for Italy.<br />As concerns allocation, this is of course a political decision, as is always the case for fiscal policy. We deem it important to have a sizable proportion allocated to enterprises (30-40%) to improve competitivity and to avoid external trade umbalances. Our base case is predicated on incentives to private expenditure being higher than allocations to welfare expenditure and public investments, but a different breakdown is indeed possible and not necessarily less beneficial to GDP recovery. <br />Marco Cattaneohttps://www.blogger.com/profile/07573325708700347277noreply@blogger.comtag:blogger.com,1999:blog-8179758575862142660.post-9590409630024941352015-07-22T22:46:57.815+02:002015-07-22T22:46:57.815+02:00Without controlling the money you cannot put an en...Without controlling the money you cannot put an end to austerity...Marco Cattaneohttps://www.blogger.com/profile/07573325708700347277noreply@blogger.comtag:blogger.com,1999:blog-8179758575862142660.post-22692522397562424222015-07-22T15:21:22.209+02:002015-07-22T15:21:22.209+02:00the goal of tcc project is not about economic grow...the goal of tcc project is not about economic growth. on the contrary, their aim is to monopolize the issuing of money back in the hands of the state like statocratic contries do. fortunately, people are not against eurozone but against austerity instead. yes a kind of schmuck austerity based on a closed economy. we lack economic freedom in europe; we have a lot of taxes; no firm competition; huge red tape costs; in a nut we don't have freedom to build our future. those the problems are. not money. austerity is just only a stupid attempt to freeze the problems and not to solve them.<br /><br /><br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-8179758575862142660.post-17309833513049972842015-07-22T13:15:28.562+02:002015-07-22T13:15:28.562+02:00Hi Mr Cattaneo,
Thank you for adding a bit of fur...Hi Mr Cattaneo,<br /><br />Thank you for adding a bit of further details to the idea of Tax Credit Certificates (TCC).<br /><br />I first saw the idea on on Vox EU. And I am trying to get my head around various parallel currency ideas.<br /><br />Here is one which I thought up, together with other ideas on how to help Greece from my blog:<br /><br /><br />https://radicaleconomicthought.wordpress.com/2015/07/09/the-miracle-currency-the-g-euro/<br /><br /><br />But I have a few questions on your proposal, if I may?<br /><br />I am not sure how these credit certificates are going to be issued, in detail, and to whom.<br /><br />Previously (in Vox EU) you said that they would only be issued to "Workers and enterprises free of charge" here you seem to be suggesting that these TCC could also be available to pay government expenditure.<br /><br />In Vox EU you said that 8, 16, 24 should be made available in the first four years, so that a total of 48 bn are outstanding after year 3. But despite pumping 48bn into the economy (about 27% of Greek GDP), the benefit in GDP growth are relatively modest:<br /><br />Against a baseline of 1.5% nominal growth (real 1%) per year (no TCC), you expect nominal 6.3% growth (real 4.3%) per year if multiplier is 1.5, and nominal growth of 4.3% (real 2.4%) if multiplier is 0.8. That is after year 3.<br /><br />I am not certain how many certificates you expect to be changed into Euro, and at what price (discount rate)? Again, who would benefit? As the person/enterprise being issued with TCC will have a benefit over other members of society who were not issued with these certificates. The TCC represent real spending power now (if discounted) and members of society who have not got them will lose out.<br /><br />Further, you said that details of the simulations could be made available on demand. <br /><br />Could you please forward them, so that I could have a look at them?<br /><br />Perhaps after I have seen the simulations, it will make more sense to me.<br /><br />Thank you very much for your help.<br /><br />Kind regards<br /><br />Matt Usselmann<br /><br />matt_usselmann[at]yahoo.co.ukMatt Usselmannhttp://radicaleconomicthought.wordpress.comnoreply@blogger.comtag:blogger.com,1999:blog-8179758575862142660.post-47979828104290245782015-07-20T12:52:40.510+02:002015-07-20T12:52:40.510+02:00we are already through uncharted waters
we are already through uncharted waters<br /><br /><br /><br /><br /><br /><br />Anonymousnoreply@blogger.com