2016年5月12日木曜日

〔翻訳〕国債デフォルトという選択

一見過激だが実際にはずっと穏やかな国債整理の方法を提案しよう。無条件のデフォルト(債務不履行)である。ロシアやポーランドの貧しい市民が共産主義時代の債務を負う義務がないように、米国民も過去の支配エリートが契約した債務を背負ういわれはない。
I propose, then, a seemingly drastic but actually far less destructive way of paying off the public debt at a single blow: outright debt repudiation. Consider this question: why should the poor, battered citizens of Russia or Poland or the other ex-Communist countries be bound by the debts contracted by their former Communist masters?...And why should we, struggling American citizens of today, be bound by debts created by a past ruling elite who contracted these debts at our expense?
https://mises.org/blog/why-not-repudiate-national-debt

米国債のデフォルトがありえないという考えは馬鹿げている。…個人、企業、政府がデフォルトした例は数多いし、破滅をもたらすわけでもない。環境次第で、債務削減のメリットは信用低下や将来の借入コスト上昇というデメリットを上回りうる。
But the idea that the US can never restructure or even repudiate the national debt...is wildly speculative at best, preposterous at worst...There is lots of evidence on private, corporate, and sovereign defaults, and the results are hardly catastrophic. Depending on the circumstances, the benefits of reducing debt can exceed the costs of harming the borrower's reputation and thus increasing the costs of future borrowing.
https://mises.org/blog/restructuring-national-debt

納税者は(国債で)金を借りてもいないし、その金を使ってもいない。金を返す道徳的義務はない。…デフォルトは財政危機の解決法として健全なばかりか、道徳的にも正しい。財政均衡策と同じくらい、財政危機が再発するリスクを小さくする。
In summary, as a taxpayer, you did not borrow the funds, you did not spend the funds, and you have no moral obligation to repay the funds...Repudiation is not only a sound economic solution to our fiscal crisis, but it is also the morally correct solution...As an added bonus, default would be as effective, if not more effective, than a balanced budget amendment, in reducing the likelihood of a future reoccurrence of the problem.
https://mises.org/library/ethics-repudiation

政府の借金は民間の借金と違う。国債返済の原資は、政府が自分で稼いだ金ではない。…将来の納税者の財産である。政府は暴力を使い、所有者の同意なく財産を手に入れる。そのような債権を購入した貸し手に、返済を受ける道徳的な資格はない。
Government debt is different. When a government issues debt on the bond market, it is not pledging to make good on it out of its own resources...What a government pledges to its creditors is payment of the future wealth of its subjects, the taxpayers. This is wealth obtained through violent coercion and pledged without its owner’s consent. Any moral claim the creditors who buy such debt have to repayment from the victims is thus non-existent.
https://mises.org/library/why-greeks-should-repudiate-their-government’s-debt

デフォルトの場合、米国債の購入者を気の毒に思う必要があるだろうか。米政府の無謀きわまる行動を助けてきたのは彼らだ。借金を(一部)踏み倒されれば、これ以上米国債を買おうとはしなくなる。…米政府は浪費を何とかしようとするだろう。
Should we really feel bad for those who have purchased government bonds? They are the ones who have been feeding the monstrously reckless actions of the government. When they get (partially) burned, will they be willing to finance more government debt? Of course not...The government would have to deal with its future overspending.
https://mises.org/library/repudiation-option

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