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Mises Economics Blogの最新エントリ

A free market in money
http://blog.mises.org/archives/010669.asp

Anthony Evans of the The Guardian has it right.

えっ?

ガーディアンはイギリスを代表する左翼紙である。

Don't regulate banking -- liberalise it
It's ludicrous to call the current financial system in Britain laissez-faire
(銀行業を規制するな、自由化せよ:イギリスの現在の金融システムをレッセフェールと呼ぶのは馬鹿げている)
http://www.guardian.co.uk/commentisfree/2009/sep/14/banking-recession-regulation

調べてみるとAnthony Evansさんは欧州トップのビジネススクールESCP Europeの経済学教授でリバタリアン。金融・マクロが専門で、リバタリアンとしての専門は中央銀行制度のようだ。ガーディアンにときどき寄稿しているらしい。

読むとなんてことのない、いつものアナルコキャピタリストの論調だが、逆にそれがあまりに場違いなラディカルさになっていて楽しい。以下全文引用。

Barack Obama's speech on Monday to Wall Street outlines an overhaul of the regulatory regime. On the anniversary of the bankruptcy of Lehman Brothers, politicians from both sides of the Atlantic are looking to remodel capitalism. The thirst for greater regulation is strong, united around Gordon Brown's judgment that "laissez-faire has had its day … the old idea that the markets were efficient and could work themselves out by themselves are gone".

The notion that the present financial system is "laissez-faire" is, of course, ludicrous. At present, we have a nationalised organisation that holds a state-granted monopoly on the issuance of currency. If this were any industry other than finance, the Bank of England would be seen as the Soviet-style planning board that it is.

Defending laissez-faire is therefore not a defence of the status quo; it is a positive prescription for a totally new regime. Here are three courses of action that would liberalise the banking system:

1. Legalise insider trading. The regulators have failed spectacularly. They did not foresee the systemic risk created by excess credit creation and over-leveraging, and it would be naive to expect any single organisation to steward an entire industry. Demonising hedge funds and banning short-selling miss the point since these are the ultimate protest vote for market participants. The meltdown of a year ago would not have happened had protesters been truly able to act on their knowledge; legalising insider trading would allow asset prices to integrate as much information as possible.

2. Repeal legal tender laws. When sovereigns control currency, they debase gold coins to augment their own coffers. When politicians control currency, they print money to monetise their debts. Even by giving control to independent central banks, we haven't found a way to protect the value of money, since there is still a monopoly provider with an incentive to inflate. The best form of consumer protection is competition, and commercial institutions should be allowed to offer currency to allow markets to determine the most effective medium of exchange.

3. Eradicate crony capitalism. The official narrative is that when Lehman Brothers failed, it sparked a crisis of such proportions that state action was the only way to prevent another Great Depression. But as we start to learn more about what went on behind closed doors, things become murkier. The haphazard manner in which some banks went bankrupt and others were bailed out probably has more to do with personal networks than economic necessity. But even if you have faith in the government to exercise its powers in the public interest, it simply doesn't have the knowledge to act. It's understandable that Hank Paulson put more emphasis on Wall Street than on conservative banks that spend less on lobbying, because that's the world he lives in. For the rest of us, these deals create regime uncertainty and weaken the power of markets.

These radical proposals challenge conventional wisdom and, in doing so, manifestly demonstrate that the present system is not laissez-faire. We have just scratched the surface of a free-market alternative, and critics have an intellectual obligation to admit this. Let's open the debate to a free market in money.

前回記事も良い。

No need to panic about GDP
The health of the economy is too complex to be summarised in a single number -- focusing on GDP misses the point
(GDPに動揺する必要はない:経済の健康は複雑すぎて一つの数字に要約されるものではない。GDPに焦点を当ててしまうと肝心のポイントを見失う)
http://www.guardian.co.uk/commentisfree/2009/jul/24/gdp-figures-health-economy

The Neoliberal Revolution in Eastern Europe: Economic Ideas in the Transition from Communismという著書がある。
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