{"id":4935,"date":"2012-07-24T21:08:17","date_gmt":"2012-07-25T01:08:17","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=4935"},"modified":"2012-07-24T21:08:17","modified_gmt":"2012-07-25T01:08:17","slug":"christian-noyer-monetizing-public-debt","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/07\/24\/christian-noyer-monetizing-public-debt\/","title":{"rendered":"Christian Noyer: Monetizing public debt"},"content":{"rendered":"

Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the BIS<\/em>: Some central banks have developed large-scale public debt acquisition programmes. They have done so for reasons relating to immediate macroeconomic stabilisation… to go beyond the zero-interest rate limit. The Eurosystem as well intervened on a much smaller scale when malfunctioning debt markets prevented the effective transmission of monetary policy impulses. There is not a single central bank that is seriously considering the monetisation of deficits with the more or less declared intention of reducing the weight of debt via inflation. In my view, this notion is nothing more than a financial analyst\u2019s fantasy.<\/p>\n

via Christian Noyer: Public and private debt – imbalances of global savings<\/a>.
\nComment:~ No central bank has declared an intention to monetize public debt (or deficits) — reducing public debt via inflation — but without a viable alternative how many will end up there? Gary Shilling<\/a> points out that “competitive quantitative easing by central banks is now the order of the day.” The Bank of Japan last year “expanded its balance sheet by 11 percent, while the Federal Reserve\u2019s increased 19 percent, the European Central Bank\u2019s rose 36 percent and the Swiss National Bank\u2019s grew 33 percent.” Japan, after 20 years of stagnation and with net public debt at 113% of GDP, illustrates the predicament facing many developed countries. If there was a plan B they would have tried it by now.<\/p>\n","protected":false},"excerpt":{"rendered":"

Christian Noyer, Governor of the Bank of France and Chairman of the Board of Directors of the BIS: Some central banks have developed large-scale public debt acquisition programmes. They have done so for reasons relating to immediate macroeconomic stabilisation… to go beyond the zero-interest rate limit. The Eurosystem as well intervened on a much smaller … <\/p>\n

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In advanced countries, the average public debt to GNP ratio is 100%. In emerging countries, the figure is 30%. This is a very wide gap, and it represents one\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19031,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/10\/09\/ultra-low-interest-rates-may-lead-to-a-debt-trap\/","url_meta":{"origin":4935,"position":1},"title":"Ultra-low interest rates may lead to a ‘debt trap’","author":"Colin Twiggs","date":"October 9, 2019","format":false,"excerpt":"The highly-regarded Stephen Bartholomeusz warns that central bank policies may lead to a 'debt trap': \"....With the world apparently re-starting the use of unconventional monetary policies even before central banks have extricated themselves from the legacies of a decade of those policies, there is a real risk that the impacts\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5319,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/22\/germany-backs-draghi-bond-plan-against-bundesbank-telegraph\/","url_meta":{"origin":4935,"position":2},"title":"Germany backs Draghi bond plan against Bundesbank – Telegraph","author":"Colin Twiggs","date":"August 22, 2012","format":false,"excerpt":"By Ambrose Evans-Pritchard, 9:39PM BST 20 Aug 2012 \u201cA currency can only be stable if its future existence is not in doubt,\u201d said J\u00f6rg Asmussen, the powerful German member of the ECB\u2019s executive board. He signalled full backing for the bond rescue plan of ECB chief Mario Draghi, brushing aside\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":20997,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/07\/17\/rescuing-the-global-economy\/","url_meta":{"origin":4935,"position":3},"title":"Rescuing the global economy","author":"Colin Twiggs","date":"July 17, 2020","format":false,"excerpt":"The IMF project a deep recession in 2020, with a 4.9% contraction in global GDP and $12.5 trillion in lost output over 2020\/2021. Public debt for advanced economies is expected to expand from 100% to 130% of GDP. Central bank balance sheets for the G10 spiked by $6 trillion since\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":62357,"url":"https:\/\/thepatientinvestor.com\/index.php\/2025\/09\/10\/gold-flags-a-secular-bear-market-in-bonds\/","url_meta":{"origin":4935,"position":4},"title":"Gold flags a secular bear market in bonds","author":"Colin Twiggs","date":"September 10, 2025","format":false,"excerpt":"Key Points Government bonds sell at inflated prices as central banks suppress long-term yields. Long-term yields are in a cyclical downtrend, driven by speculators. However, long-term bonds are in a secular bear market fueled by fiscal instability and a rising threat of inflation. International capital flows will also dry up\u2026","rel":"","context":"In "Australia & NZ"","block_context":{"text":"Australia & NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"Combined Assets of the Fed, ECB, BOJ, and PBOC","src":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2025\/2025-09-03-cb-assets.png?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":6461,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/12\/12\/dangers-of-quantiative-easing-may-be-political-more-than-technical\/","url_meta":{"origin":4935,"position":5},"title":"Dangers of quantiative easing may be political more than technical","author":"Colin Twiggs","date":"December 12, 2012","format":false,"excerpt":"Glenn Stevens, governor of the Reserve Bank of Australia, in an address to the Bank of Thailand today commented on the dangers facing central bank monetary policy: For the major countries a further dimension to what is happening is the blurring of the distinction between monetary and fiscal policy. 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