저자: PeterSchiff · 외국인
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첫째 줄 결론: 연준의 MBS 대량 매입과 국채 재원 조달로 인해 달러 인플레이션(통화 가치 하락) 압력이 크며, 이는 사실상 거대한 인플레이션 세금이라는 주장. 연준의 MBS 매입 규모: 최근 5개월간 약 1조 달러 매입, 전체 MBS 시장의 약 3분의 1 수준. 현재 속도가 1년 지속되면 시장 전체를 보유하게 된다는 주장. 주택담보대출 구조: 대출 발행 → 미국 정부 보증 → 연준 매입 구조로, 정부가 보증과 공급을 모두 담당하고 연준이 보증 손실까지 떠안는 구조라 자본주의나 자유시장이 아니라 사회주의적 버블이라는 비판. 정부 재정 조달: 연방정부 지출 약 6.88조 달러 중 세수는 약 2.7조 달러에 불과하며, 나머지 약 4.2조 달러를 연준이 찍어낸 돈으로 메운다는 주장. 연방정부 지출의 60센트 이상이 연준 자금에서 나온다고 설명. 대출 형식 논쟁: 연준이 직접 지출하지 않더라도 연준 대출을 정부가 지출하는 것이므로 차이가 없고, 어차피 상환되지 않을 대출이라는 주장. 인플레이션 세금: 세금 납부 여부와 무관하게 달러를 보유·저축하는 모든 미국인이 인플레이션이라는 세금을 부담하게 되며, 역사상 가장 큰 세금이 될 것이라는 전망. 브렛 존슨 반박: 존슨이 인플레이션이 없고 정부 지출 비용을 국민이 부담하지 않는다고 본다고 비판. 투자 관련 언급: 영상 본문에서 특정 자산의 가격 방향 예측이나 목표가는 명시되지 않음. 인플레이션 및 달러 가치 하락 우려가 핵심 논지.
다듬은 글
i mean for example in the last five months the federal reserve has purchased one trillion dollars worth of mortgage-backed securities that is approximately one-third of all of the mortgage-backed securities that exist and in fact at its current pace if the fed continues to buy mortgages for another year it will own the entire market it will own all of the mortgage-backed securities that exist i mean think about that i mean if you think we have capitalism how do we have capitalism when all the mortgage credit is flowing from the government in fact not only does the government supply the credit it's also guaranteeing the mortgages because remember the the mortgages get originated and then the us government guarantees the mortgage and then the federal reserve buys it so the government is both insuring and originating the mortgages and of course how does the government insure the mortgage where does the government get the money if the borrower defaults it gets it from the fed so the fed is insuring the very mortgages that it owns it's insuring itself the whole thing is one ponzi scheme built on another but the one thing this is not is capitalism or a free market this is a bubble that is completely created by socialism by the federal reserve and the government but the point is even though the fed is technically lending the money the money is being spent it's being spent to buy houses right people are borrowing money from the fed and then they're using it to buy houses or remodel their houses or who knows what they're doing or if the fed is simply buying a mortgage that is already in existence right well what is the person doing who sold that mortgage to the fed now they have all this cash where they used to have a mortgage now they've got this cash they're spending that cash on something so the money is being spent even if the federal reserve is technically not doing the spending it's doing the lending whoever is getting that money from the fed in terms of a loan is spending it and of course the biggest spender of fed loans is the united states government the united states government right now is funding itself from the fed better than 60 cents out of every dollar the federal government is spending and it's spending over seven trillion dollars now but better than 60 cents out of every dollar is coming from the fed it's not coming from tax revenue more money is being printed and spent than collected in taxes and spent now technically these are loans right the federal reserve is loaning money to the us government right the us government is borrowing from the fed and then spending that money so i guess technically brett johnson is right the fed didn't spend the money they loaned the money but then the government spent the money that the fed loaned them so what's the difference the money is still being spent just because the federal reserve isn't spending it what difference does it make the federal government is spending it and if you think of the federal reserve as part of the federal government then it's just one part of the federal government making the loan and another part doing the spending it's the same thing it doesn't make a difference the money is getting spent and of course it's not really a loan because it's never going to be repaid the the treasury is going to just keep on borrowing more and more and more and none of the loans are ever going to get repaid because the balance sheet is never going to stop growing so i don't see how brett johnson can close his eyes to what is painfully obvious i mean if he really believes that there's no inflation and that none of this money is getting spent well how are we getting all this government how is how are we getting three four trillion dollars a year in government is it free if you go to the uh website for the national debt clock you'll see that the us government is spending 6.885 trillion dollars all right so i was wrong it wasn't quite 7 trillion almost 7 trillion 6.88 trillion but it's only collecting 2.7 trillion dollars in taxes where is that extra 4.2 trillion coming from it's coming from the fed the fed is printing that 4.2 trillion dollars and the government is spending it basically that's where it's coming from now maybe some of that money is being loaned to it from private sources but the majority of it is being loaned to it uh by the federal reserve none of that money is going to be repaid we're not getting that 4.2 trillion dollars worth of extra government for free we're getting 6.8 trillion dollars worth of government 6.9 trillion worth of government and the taxpayers are only getting a bill for 2.7 trillion where is the rest of it coming from inflation right so brett johnson thinks we're getting it all for free that taxpayers aren't going to be on the hook for all that government of course they're on the hook and it's not taxpayers even people that don't pay taxes every american who earns dollars who saves dollars is on the hook for this inflation tax and it is going to be uh the most massive tax that that we've ever seen
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