BCE: "liability" una sega !

Ci scrive Arnaldo riportando un carteggio con la BCE dove questa sostiene di mettere in dare ("liability") la massa nominale di moneta emessa


Rispondiamo:


Egregio,


il punto è che si tratta di una FALSA liability in quanto la BCE e le altre banche centrali non copriranno mai il valore della moneta emessa (1).
Ne deriva che il signoraggio percepito al momento della messa in circolazione, sia tramite prestiti che tramite operazioni di mercato aperto (oppure quando emettono assegni per pagarsi le proprie spese) è da considerarsi un reddito anziché una voce passiva. Se tra dare 10 ed avere 10 la differenza è venti, diventa allora chiaro quanto asseriva il fu prof. Auriti, ovvero che il denaro costa il 200% più gli interessi ad uno stato che sia complice della mafia bancaria...



Cordialità,


Marco Saba


Nota (1):
"The solvency constraint of the Central Bank only requires that the present discounted value of its net non-monetary liabilities be non-positive in the long run.**** Its monetary liabilities are liabilities only in name, as they are irredeemable: the holder of base money cannot insist at any time on the redemption of a given amount of base money**** into anything else other than the same amount of itself (base money)."


Tratto da:
SEIGNIORAGE, Willem H. Buiter, 2007
http://www.scribd.com/doc/79954948/Seigniorage


--------- Original Message --------
Da: "Arnaldo"
To: 
Oggetto: petizione ECB
Data: 09/02/12 13:33

Ho  letto della petizione per l’audit della ECB.

Ho chiesto chiarimenti alla ECB su quell’8% di proprietà delle banconote circolanti sulle quali avrebbe diritto ad un interesse (!!!), mi hanno risposto ma mi sembra che la loro risposta sia è così in quanto tale.

Lei ha qualche informazione in più?

Grazie,

Arnaldo 

Da: info@ecb.int [mailto:info@ecb.int]
Inviato: lunedì 6 febbraio 2012 14:16
A: aspicacci@gmail.com
Oggetto: RE: web site information

Dear Mr 

Please find below our answers to your questions.

How much is the ECB paid for its paid-up capital?

The yield on the ECB's capital is obviously a function of the investment decisions made by the ECB. The annual accounts of the ECB provide information on the investment income, please see Chapter 2.1.5 and Chapter 10.5 of the 2010 Annual Report):  http://www.ecb.int/pub/annual/html/index.en.html 

What is the 8% share of total euro banknotes?

In December 2001 the Governing Council of the ECB decided to allocate 8% of all issued euro banknotes to the ECB, please see this press release:http://www.ecb.int/press/pr/date/2001/html/pr011206_1.en.html and the corresponding legal act:http://www.ecb.int/ecb/legal/1001/1013/html/act_11230_amend.en.html 

How can a banknote provide interest?

Banknotes obviously do not carry any interest. What is meant by this phrase "interest income on its 8% share of total euro banknotes in circulation" is the following:

When banknotes are issued by the central bank, they are accounted for as a liability of the central bank.

Given that 8% of the euro banknotes are allocated to the ECB (see above), it follows that the ECB has a liability in the amount of 8% of all circulating banknotes. The assets corresponding to this liability are claims that the ECB has on the national central banks (because in practice the ECB does not itself put banknotes into circulation). These claims are remunerated, as is explained in the annual accounts of the ECB (see above).

With kind regards,

EUROPEAN CENTRAL BANK
Directorate Communications
Press and Information Division
Kaiserstraße 29
D-60311 Frankfurt am Main
Tel: +49 69 13 44 74 55
Fax: +49 69 13 44 74 04
E-mail: info@ecb.europa.eu

-----Original Message-----
From: Arnaldo 
Sent: Monday 06 February 2012 12:32
To: Press Office (Email)
Subject: Re: web site information 

Hello, 

here is my question:

"The ECB’s regular income is derived primarily from investment earnings on its holding of foreign reserve assets and its paid-up capital, and from interest income on its 8% share of total euro banknotes in circulation. Interest income in 2009 was affected by lower average interest rates on US dollar-denominated assets as well as a lower marginal rate for the Eurosystem’s main refinancing operations compared with 2008." http://www.ecb.int/press/pr/date/2010/html/pr100304_1.en.html

How much is the ECB paid for its paid-up capital? What is the 8% share of total euro banknotes? How can a banknote provide interest?

Thanks,

Arnaldo

2012/2/6 <info@ecb.int>

Dear Mr 

We hereby acknowledge receipt of your email.

In order to assist you with your request, can you please specify your question.

With kind regards,

EUROPEAN CENTRAL BANK
Directorate Communications
Press and Information Division
Kaiserstraße 29
D-60311 Frankfurt am Main
Tel: +49 69 13 44 74 55
Fax: +49 69 13 44 74 04
E-mail: info@ecb.europa.eu

 -----Original Message-----
From: Arnaldo
Sent: Friday 03 February 2012 16:58
To: education
Subject: web site information

Dear Sirs,

could you please tell me where on the web site can i find the rate of remuneration for the ECB activities?

Best Regards,

Arnaldo