{"id":24854,"date":"2021-03-27T08:25:16","date_gmt":"2021-03-27T08:25:16","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=24854"},"modified":"2021-03-27T08:25:59","modified_gmt":"2021-03-27T08:25:59","slug":"carmen-reinhart-financial-repression","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2021\/03\/27\/carmen-reinhart-financial-repression\/","title":{"rendered":"Carmen Reinhart: Financial repression"},"content":{"rendered":"

“These crises are really a form of domestic default that governments employ in countries where financial repression is a major form of taxation. Under financial repression, banks are vehicles that allow governments to squeeze more indirect tax revenue from citizens by monopolizing the entire savings and payments system, not simply currency. Governments force local residents to save in banks by giving them few, if any, other options. They then stuff debt into the banks via reserve requirements and other devices. This allows the government to finance a part of its debt at a very low interest rate; financial repression thus constitutes a form of taxation. Citizens put money into banks because there are few other safe places for their savings. Governments, in turn, pass regulations and restrictions to force the banks to relend the money to fund public debt….”<\/p><\/blockquote>\n

~ Carmen M. Reinhart, This Time Is Different: Eight Centuries of Financial Folly <\/p>\n","protected":false},"excerpt":{"rendered":"

“These crises are really a form of domestic default that governments employ in countries where financial repression is a major form of taxation. Under financial repression, banks are vehicles that allow governments to squeeze more indirect tax revenue from citizens by monopolizing the entire savings and payments system, not simply currency. Governments force local residents … <\/p>\n

Continue reading “Carmen Reinhart: Financial repression”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"quote","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[31,46,24],"tags":[605,1388],"class_list":["post-24854","post","type-post","status-publish","format-quote","hentry","category-the-fed-banks-interest-rates","category-deficit-spending-employment","category-quotes","tag-carmen-reinhart","tag-financial-repression","post_format-post-format-quote"],"yoast_head":"\nCarmen Reinhart: Financial repression - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Carmen Reinhart: Financial repression - the patient investor\" \/>\n<meta property=\"og:description\" content=\"“These crises are really a form of domestic default that governments employ in countries where financial repression is a major form of taxation. 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In this setting, financial repression in its many guises with its\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3443,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/02\/08\/new-economic-perspectives-banks-werent-meant-to-be-like-this-what-will-their-future-be-and-what-is-the-governments-proper-financial-role\/","url_meta":{"origin":24854,"position":1},"title":"New Economic Perspectives: Banks Weren\u2019t Meant to Be Like This. What Will their Future Be \u2013 and What is the Government\u2019s Proper Financial Role?","author":"ColinTwiggs","date":"February 8, 2012","format":false,"excerpt":"So we are brought back to the question of what the proper role of banks should be. This issue was discussed exhaustively prior to World War I......... It was above all in Germany that long-term financing found its expression in the Reichsbank and other large industrial banks as part of\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12569,"url":"https:\/\/thepatientinvestor.com\/index.php\/2015\/11\/23\/the-commodity-roller-coaster-project-syndicate\/","url_meta":{"origin":24854,"position":2},"title":"The Commodity Roller Coaster| Project Syndicate","author":"ColinTwiggs","date":"November 23, 2015","format":false,"excerpt":"From Carmen Reinhart, Professor of the International Financial System at Harvard University's Kennedy School of Government. .....At this stage of the commodity cycle, price declines typically retain downward momentum. By the end of the boom, many commodity exporters had already initiated investment projects to expand production. As these investments bear\u2026","rel":"","context":"In "Stock Markets"","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":10079,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/06\/22\/the-socialist-myth-of-economic-bubbles-iakovos-alhadeff\/","url_meta":{"origin":24854,"position":3},"title":"The Socialist Myth of Economic Bubbles | Iakovos Alhadeff","author":"ColinTwiggs","date":"June 22, 2014","format":false,"excerpt":"Essay on the underlying causes of asset bubbles, reproduced with kind permission from Iakovos Alhadeff. Introduction In my essay \u201cThe Causes of the Economic Crisis for non Economists\u201d, I explained why the American crisis was caused by government intervention and not by the free market. Since the housing bubble was\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":30600,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/01\/25\/dr-lacey-hunt-hoisington-asset-management-the-debt-trap\/","url_meta":{"origin":24854,"position":4},"title":"Dr Lacy Hunt, Hoisington Investment Management | The debt trap","author":"Colin Twiggs","date":"January 25, 2022","format":false,"excerpt":"From Dr Lacy Hunt at Hoisington Investment Management on the declining velocity of money: The Fed is able to increase money supply growth but the ongoing decline in velocity (V) means that the new liquidity is trapped in the financial markets rather than advancing the standard of living by moving\u2026","rel":"","context":"In "Banks & Interest Rates"","block_context":{"text":"Banks & Interest Rates","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/the-fed-banks-interest-rates\/"},"img":{"alt_text":"M2 Velocity","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-28-m2-velocity.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-28-m2-velocity.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-28-m2-velocity.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2022\/2022-01-28-m2-velocity.png?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":1450,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/21\/three-ways-to-save-the-eurozone-jean-pisani-ferry-project-syndicate\/","url_meta":{"origin":24854,"position":5},"title":"Three Ways to Save the Eurozone – Jean Pisani-Ferry – Project Syndicate","author":"ColinTwiggs","date":"October 21, 2011","format":false,"excerpt":"The eurozone\u2019s creeping fragmentation is primarily the result of the mutual dependence of banks and governments. In the eurozone, banks are vulnerable to sovereign-debt crises because they hold a lot of government bonds \u2013 frequently issued by their country of origin. Governments, for their part, are vulnerable to bank crises\u2026","rel":"","context":"In "UK & Europe"","block_context":{"text":"UK & Europe","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/uk-europe-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/24854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=24854"}],"version-history":[{"count":1,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/24854\/revisions"}],"predecessor-version":[{"id":24855,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/24854\/revisions\/24855"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=24854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=24854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=24854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}