Discussione:Signoraggio/archivio2: differenze tra le versioni

Versione delle 23:39, 18 ott 2005

Versione delle 00:33, 19 ott 2005

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:Vi dispiace se vi ricordo che wikipedia non è un forum? --[[Utente:Cruccone|Cruccone]] ([[Discussioni utente:Cruccone|msg]]) 00:39, ott 19, 2005 (CEST)

== Definizione di Signoraggio da parte del Professor Dr. Muhammad Anwar ==

tratto dal libro:

=== [ISLAMICITY OF BANKING AND MODES OF ISLAMIC BANKING[http://www.springerlink.com/(aqzcmrzsmuelkd45y5ohdy3t)/app/home/contribution.asp?referrer=parent&backto=issue,4,10;journal,3,27;linkingpublicationresults,1:103030,1]] ===

[su web [http://www.sovranitamonetaria.org/component/option,com_docman/task,doc_download/gid,3/Itemid,38/]]

Il quale tratta dei principi del sistema bancario islamico. Lo fa

partendo dall'analisi e confronto del sistema finanziario occidentale

e in particolare il momento dell'emissione di moneta delle banche centrali

occidentali.

Eccone un estratto:

Whenever a government runs a deficit, there are two methods to finance it. These are:

(i) borrowing by issuance of additional government bonds and,

(ii) printing additional high-powered money.

The choice between borrowing and money creation is made by the central banks.

The central banks issue fiat money that acquires the status of high-powered

money. Fiat money is the money that does not represent a claim to any physical

commodity but instead is backed by laws that require money to be accepted in all legal

transactions (Farmer, 1999, 186). When more high-powered money is issued, nominal

money supply grows and that, in turn, increases aggregate demand in the economy.

Expansion of money supply through bank advances leads to a situation of too much

money chasing too few goods. This excessive demand for goods turns into growth of

output and prices. How the increased demand influences the output growth and inflation

depends on the elasticity of the supply of goods and services. If the supply is completely

inelastic then all the money supply growth turns into equivalent inflation. This

is apparent from the classical quantity theory of money (Cobham, 1998, 54-56).

The quantity theory of money can be stated as follows:

MV = PQ … (1)

Where, M stands for quantity of money supply, V for velocity of circulation of money, P

for the price level and Q stands for real output. Equation (1) is an identity that shows that

quantity of money times the velocity of money must equal to the price level times the real

output.

The same equation, in growth terms, can be re-written as:

^M + ^V = ^P + ^Q …. (2)

Equation (2) shows that sum of the growth rates in money supply and velocity of

circulation must equal to the sum of growth rates of prices (inflation) and output.

Assuming no change in the velocity of circulation, any growth in money supply due to

printing action of a central bank will be translated into inflation and growth in output. If

all the growth in money is translated into growth in output only, then the increased output

is transferred to the central bank. Otherwise the government would get people’s property

to the extent of the “inflation rate times real high-powered money” (Gordon, 2000, 385).

This transfer to the state is called seignorage, and is also known as inflation tax.

'''Seignorage is defined as the difference between face value and intrinsic value of money'''

(Anwar, 1987, 295). It results from expansion of money supply because the real

value of currency units held by the public reduces due to inflation. In other words,

seignorage represents transfer of ownership from the holders of money to the creators of

money because of inflation.

Injection of fiat money directly creates seignorage (inflation tax) to the government and

so transfers real property of unaware people to the state authorities. Channeling of public

funds to the authorities by foul means is in direct violation of Allah’s command “do not

eat up your property among yourselves by foul means nor channel it to the authorities …

wrongfully and knowingly”(al-Baqarah, 2:188). Therefore, it is obvious that the

institution of central banking cannot be Islamic because it violates the express Qur’anic

verdict regarding wrongful channeling of peoples’ property to the authorities.

Money is whatever people accept as a general medium of exchange. “The prophet of

Islam is reported to have said that Allah has created gold and silver to be the natural

money19” (PLD, 2000, 482). Central banks channel public property to the government

coffers by creation of fiat money. As paper money issued by the governments is invalid,

it is up to the people to revert to a valid form of money. If people wish they might revert

to use of gold and silver as money. In fact, moving from fiat money to gold and silver

will also prevent diversion of peoples’ property to the authorities by foul means.

Central banks also contribute to accrual of seignorage to the commercial banking system

when they borrow money from the commercial banks by issuing bonds to meet budget

deficit requirements of the state. As governments borrow money on the basis of interest,

debt servicing leads to increase in budget deficits. This necessitates, again, issuance of

more high-powered money and further borrowing from the banking system20.

Seignorage accrues to the state according to the fiat money created by the central banks.

Incidentally the same fiat money, being high-powered money, becomes basis for deposits

and seignorage for the commercial banking system. In this way, not only central banks

themselves violate the Qur’anic injunctions; they are also responsible for sowing the

seeds for the wrongful growth of seignorage that accrues to the commercial banks. How

it happens, is elaborated in the next section.''

[M. Altamore]