お札をがばちょと刷れ、誰にも文句はいわれまい、と。

ほら、米国はドル札をするんだと言っている。ここで日本もガバチョと刷らないと。これは通貨の切り下げ競争になるわけだけど、この際なら誰も文句を言わないよ。 https://t.co/eDhh5F7zFG

— buvery (@buvery) April 15, 2020

Playing out in the background of this shift is a debate over what is known as modern monetary theory, which says countries that control their own currency can run much larger budget deficits than they typically do, in part because of the power of central banks to create new money to help finance the shortfall.


That was a legitimate concern: Financial historians often point to disastrous periods when a central bank printed money for the government to pay its debts. A common example is Weimar Germany, when the central bank churned out banknotes that allowed the fragile government to repay onerous World War I reparations with essentially worthless marks, impoverishing most of the country in the process.

But at other times, the idea has worked just fine: Japan’s central bank has been buying huge chunks of the government’s bonds — effectively financing the central government of the world’s third-largest economy for years — without triggering the kind of inflation that traditional economic views would expect.

その背景にあるのが、MMT理論。

大量のお札刷った失敗例が第一次世界世界大戦後のドイツ、成功例が日本。