2010 AMI Conf. Prof. Nicolaus Tideman: To Whom Should Seigniorage from Money Creation Really Belong? скачать в хорошем качестве

2010 AMI Conf. Prof. Nicolaus Tideman: To Whom Should Seigniorage from Money Creation Really Belong?

In this presentation Prof. Nicolaus Tideman frames “seigniorage” (the profit from issuing money) as one of three key reforms needed to fix the money-and-banking system: (1) end fractional-reserve banking, (2) stabilize the long-run value of money, and (3) distribute seigniorage fairly. He focuses on the third, defining seigniorage as the public profit from creating currency (coins and paper), not the private profits banks earn from fractional-reserve lending—arguing that conflating the two creates confusion. He explains how Federal Reserve profits are remitted to the U.S. Treasury, notes they surged during the financial crisis, and critiques this as a kind of “taxation without representation” because it funds government without explicit voter consent. As an alternative, he proposes sharing seigniorage equally—potentially as a basic-income-like dividend or an “interest-free lifetime loan” granted at age 18, with mechanisms to reclaim money if the supply must contract (helping reduce the risk of a run on the dollar). He also questions using seigniorage broadly for infrastructure unless tightly linked to money-demand increases, and closes with a Q&A on Fed earnings, auditing transparency, per-person estimates (including the 2008 jump), and what seigniorage might look like under 100% reserves.