06 január 2010

Egy FED ülés jegyzőkönyve 1983-ból

Egész pontosan az 1983. május 16-i FED ülésé, amikor még Greenspan volt az elnök ... viszont a problémák hasonlóak voltak.
Érdekes összefüggéseket boncolgat Mr. Angell az arany versus infláció (a lakosság inflációs attitüdjével) kapcsolatban. Következzék a jegyzőkönyv:

MR. ANGELL. Here's what I think would happen. I don't think we should increase interest rates by 300 basis points but, if we did, I'm quite certain the price of gold would immediately begin a [sharp],quick [drop]. It would happen so fast you'd just have to go and watchit on the screen. If we made a 100 basis point increase in the fed funds rate, the price of gold surely would turn back down unless the situation is worse than I anticipate. If we made a 50 basis point increase in the fed funds rate, I don't know what would happen to the price of gold but I'd sure like to find out! [Laughter] Now, I want to remind you that monetary policy cannot do anything about growth except harm it. Monetary policy can't fix growth; monetary policy can only harm growth; monetary policy can only cause growth to be worse. I agree that there are some attitude problems out there and some significantly held belief by the American people and foreigners that the U.S. government budget deficit is out of control. And they believe that because it's out of control the Federal Reserve will not be able to stand firm. They believe that we'll have to give in and that we will have to inflate our way out of this problem. Now, I don't believe that. But the American people do believe that, including, I think, your daughter, Jerry. Maybe she doesn't even understand that; she just knows that inflation is going up.
...I told you at the time that the reason I had not been upset before the March FOMC meeting was that the price of gold was well behaved. But I said that the price of gold was moving. The price of gold at that time had moved up from 328 to 344, and I don't know what I was so excited about! I guess it was that I thought the price of gold was going on up. Now, if the price of gold goes up, long bond rates will not be involved. People can talk about gold's price being due to what the Chinese are buying; that's the silliest nonsense that ever was. The price of gold is largely determined by what people who do not have trust in fiat money system want to use for an escape out of any currency, and they want to gain security through owning gold. Now, if annual gold production and consumption amount to 2 percent of the world's stock, a change of 10 percent in the amount produced or consumed is not going to change the price very much. But attitudes about inflation will change it.

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