Heli-Ben schon 2002 aufgezeigt. Alle Deflationsfanatiker sollten sich den Artikel im link durchlesen. Hier ein Auszug, der die jetzige Situation gut beschreibt:
"Ben S Bernanke: Deflation - making sure "it" doesn’t happen here
Curing deflation
Let me start with some general observations about monetary policy at the zero bound, sweeping under
the rug for the moment some technical and operational issues.
As I have mentioned, some observers have concluded that when the central bank’s policy rate falls to
zero--its practical minimum--monetary policy loses its ability to further stimulate aggregate demand
and the economy. At a broad conceptual level, and in my view in practice as well, this conclusion is
clearly mistaken. Indeed, under a fiat (that is, paper) money system, a government (in practice, the
central bank in cooperation with other agencies) should always be able to generate increased nominal
spending and inflation, even when the short-term nominal interest rate is at zero.
The conclusion that deflation is always reversible under a fiat money system follows from basic
economic reasoning. A little parable may prove useful: Today an ounce of gold sells for $300, more or
less. Now suppose that a modern alchemist solves his subject’s oldest problem by finding a way to
produce unlimited amounts of new gold at essentially no cost. Moreover, his invention is widely
publicized and scientifically verified, and he announces his intention to begin massive production of
gold within days. What would happen to the price of gold? Presumably, the potentially unlimited supply
of cheap gold would cause the market price of gold to plummet. Indeed, if the market for gold is to any
degree efficient, the price of gold would collapse immediately after the announcement of the invention,
before the alchemist had produced and marketed a single ounce of yellow metal.
What has this got to do with monetary policy? Like gold, U.S. dollars have value only to the extent that
they are strictly limited in supply. But the U.S. government has a technology, called a printing press
(or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at
essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly
threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and
services, which is equivalent to raising the prices in dollars of those goods and services. We conclude
that, under a paper-money system, a determined government can always generate higher spending
and hence positive inflation............"
Quelle: www.bis.org/review/r021126d.pdf
die Geldmenge steigt und steigt und steigt:
www.federalreserve.gov/releases/h6/current/
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