qe为何不会导致恶性通胀（Why does not QE lead to hyperinflation）.docVIP

qe为何不会导致恶性通胀（Why does not QE lead to hyperinflation） Why does not QE lead to hyperinflation? A few years ago, I hosted a group meeting. At the meeting, an American politician insisted that the Feds printing of money would soon lead to hyperinflation. But today, the Feds focus is on how to boost inflation to its stated goal. Like many others, he failed to understand how the money system works. Unfortunately, ignorance is no blessing. This increases the difficulty of central banks taking effective action. Fortunately, the Bank of England (BoE) is providing much-needed knowledge. In the latest issue of the Quarterly Bulletin (Quarterly Bulletin), the Bank of England staff explained the currency system. The following seven basic points illustrate the real working principle of the currency system, which is different from peoples imagination. First, banks are not just financial intermediaries. Savings practices do not increase bank deposits. If your employer pays you, the deposit is transferred to your account only from the employers account, which does not affect the amount of money. The increase in money is a by-product of the loan. Special bank is that their debt is currency -- a widely accepted iou. In Britain, 97% of the broad money is made up of bank deposits, mainly created by such bank loans. The bank does print money. But when the customer repaid the loan, the money was ripped off. Second, the money multiplier that links loans to bank reserves is no longer available. In the past, when the paper money was convertible with gold, the money multiplier relationship may be relatively tight. A tight reserve ratio could also re-establish that relationship. But this is not the case with the banking industry. In the monetary system of fiat money, the central bank can create reserves at will. The central bank then provides the banks with the reserves they need (at a price) to meet the latters need to settle their obligations. Third, the expected risks and rewards determine