对美QE的误解

许多中国专家们认为“QE＝印钞” －－ 大错特错！

QE指美联储花钱买美联邦政府（即国库）的国债。

在买的瞬间，国库确实多了所卖美元，使世界美元总量瞬间增加所买量。

但国债到期时，国库向美联储还本付息。所增之量，全部复原且有利息。

利息则靠征税而来。如今总税的1/4强是国债利息。这就是国债设上限的主要原因。

如上所述正是美元从2008以来大体维持2％低通涨的主要原因，也是QE3后人民币未现升势的主要原因（即美元并未真放水）。

事实上，人民币一直在大量放水。

 

再则，QE与印钞完全无关。

因为印钞不能增美元，增美元不必印钞。所印之钞全从账上扣除。

纸币只是美元总量的零头。

美元总量是国库数据库中的数字。

据悉，该数字已经有年头没额外增加了。

该数字的稳定性完全源于信誉。

 

此外，该数字与美联储的，IMF的，或中国的 Mn无关。

 

顺便提一下，美国债16万亿，远不象许多中国专家们认为的坏于希腊。希腊纯债相当于GDP，而美纯债只是GDP的零头，因为美联邦政府也是15万亿的债主，即赤字仅1万亿。

这15万亿中大头是学生贷款及房贷。

[sog]

不太明白美国政府是15万亿的债主. 请看下面：

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)