對美QE的誤解

許多中國專家們認為“QE＝印鈔” －－ 大錯特錯！

QE指美聯儲花錢買美聯邦政府（即國庫）的國債。

在買的瞬間，國庫確實多了所賣美元，使世界美元總量瞬間增加所買量。

但國債到期時，國庫向美聯儲還本付息。所增之量，全部複原且有利息。

利息則靠征稅而來。如今總稅的1/4強是國債利息。這就是國債設上限的主要原因。

如上所述正是美元從2008以來大體維持2％低通漲的主要原因，也是QE3後人民幣未現升勢的主要原因（即美元並未真放水）。

事實上，人民幣一直在大量放水。

 

再則，QE與印鈔完全無關。

因為印鈔不能增美元，增美元不必印鈔。所印之鈔全從賬上扣除。

紙幣隻是美元總量的零頭。

美元總量是國庫數據庫中的數字。

據悉，該數字已經有年頭沒額外增加了。

該數字的穩定性完全源於信譽。

 

此外，該數字與美聯儲的，IMF的，或中國的 Mn無關。

 

順便提一下，美國債16萬億，遠不象許多中國專家們認為的壞於希臘。希臘純債相當於GDP，而美純債隻是GDP的零頭，因為美聯邦政府也是15萬億的債主，即赤字僅1萬億。

這15萬億中大頭是學生貸款及房貸。

[sog]

不太明白美國政府是15萬億的債主. 請看下麵：

Public Debt. The Bureau has broken out the debt into two main categories: Intragovernmental Holdings ($4.7 trillion) and Debt Held by the Public ($10.7 trillion).

Social Security (Social Security Trust Fund and Federal Disability Insurance Trust Fund) – $2.4 trillion
Office of Personnel Management (Federal Employees Retirement, Life Insurance, Hospital Insurance Trust Funds, including Postal Service Fund) – $1.09 trillion
Dept. of Health and Human Services (Federal Supplementary Medical Insurance Trust Fund) – $77.3 billion
Federal Deposit Insurance Corporation – $38.3 billion
Department of Transportation (Highway Trust Fund) – $23.8 billion
Department of the Treasury (Exchange Stabilization Fund) – $22.9 billion
Department of Labor (Unemployment Trust Fund) – $12.1 billion
Other Programs and Funds – $858.9 billion. (As of March 2011. Source: Treasury Bulletin, Monthly Treasury Statement, Table FD-3)
Foreign – $5.135 trillion
Federal Reserve - $1.6 trillion
State and Local Government, including their pension funds – $624 billion
Mutual Funds – $854 billion
Private Pension Funds – $595.9 billion
Banks – $307.2 billion
Insurance Companies – $254.1 billion
U.S. Savings Bonds – $184.8 billion
Other (individuals, government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors) – $1.23 trillion. (As of December 2011. Source: Treasury Bulletin, Ownership of Federal Securities, Table OFS-2)