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Author Topic: Nobel Laureate asked India to print more money and not to worry about inflation  (Read 711 times)
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April 14, 2020, 04:39:58 PM
 #41

Nobel Laureate Abhijeet Banerjee has recently asked India to print more money and transfer them to the poor class of people to increase demand in the market to tackle upcoming recession post COVID-19.

Reference: https://m.telegraphindia.com/business/abhijit-banerjee-offers-print-money-pill/cid/1763262

A lot of economists will say it is a bad idea because later it will become very difficult to arrest inflation rate. But increasing the demand is a major challenge as well.

Voice your opinion! Will be good or bad step for a diverse country like India?

Well, these are economic reactions of these coronavirus lockdown:

1. Limited in production and supply being that many non essential sectors are temporarily closedown.
2. Demand is obviously higher than supply- for both essential and non essential goods.
3. The income level of people can't sustain the economy at this state of little or no incoming of income.
4. Printing the rupee and injecting it into the economy will cause a demand-Pulled inflation, a situation were too much money is chasing few goods.

Well, that's not a good monetary policy at this stage of the economy.

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April 14, 2020, 04:43:12 PM
 #42

it depends: do you want stability or revolution?

I share your thinking, and I don't think there are any solutions that can help at this point, and that on the other hand, does not cause negative consequences in the future. If USA prints money (let's say it has about 4 times less population than India) and a much lower poverty rate then USA, what choice does India then have if they do not want a complete collapse of society and economy?

The idea is not good, but it is said that from two bad things we should always choose one that is at least somewhat better. People have to eat, they need basic things for life - and if you quarantine them for a few months, it's only a matter of time when they rebel and take matters into their own hands.

snip
If the money to be printed was to be given to the poor as a measure to try to keep the stability of society to avoid riots and the like during these difficult times then it could be considered, however we know that is just an excuse, of all the money that will be printed around the world to try to solve this most of it is not going to be given to the people and instead it is going to be given to the banks and other big businesses deemed too big to fail, this will only help the rich and while the poor may get some short term help, over the long run this will be counterproductive for them as inflation will grow really quickly during the next years.
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April 14, 2020, 05:41:44 PM
 #43

That is the thing about the printing money and actually having a problem or not having a problem. Now if one nation prints money and others don't, that will cause some inflation inside and we are talking about a big problem for that nation, however if 50 nations prints money that means there will not be an inflation that big since all other nations printed as well, still a problem inside because things will go higher with people having more money but things costing more money as well, but not as big as doing it alone since you can at least use it for global payments as well.

However looks like countries will go for cheap or zero interest rate loans to big companies so that they could both restart the economy and not have to print money as well if they can afford to.

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April 14, 2020, 06:07:32 PM
 #44

First of all, I never give much importance to these Nobel prize winners. It lost all the credibility, when the prizes were awarded to people such as Barack Obama. Nowadays, Nobel awards are being decided through a lot of political interference. And secondly, the Nobel prize for economics is not being given by the Nobel Committee. It is awarded by Sweden's central bank (Sveriges Riksbank).
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April 14, 2020, 08:19:10 PM
 #45

Can we just point out one thing here:

Quote
“Forget about the macro worries. We can avoid a 1929-like situation. Go long on printing money,” said the Nobel prize-winning economist who is the Ford Foundation International Professor of Economics at Massachusetts Institute of Technology.

This guy not only known in India for being an economist, he works at MIT and has been recognized by the world. Sigh. I'm assuming that India thinks that they can do this b/c no one is spending money now, which means that inflation will probably stay in the realm of 2-3 percent even with more QE (money printing) then usual.




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April 15, 2020, 05:05:55 AM
 #46

This is what happens with a limitless volume of fiat, they want to destroy the world economy by printing more money. Well when Zimbabwe was printing more money without corresponding export and production to back it up, this lead to a total collapse of their economy leading to hyperinflation.
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April 15, 2020, 05:19:23 AM
 #47

Nobel Laureate Abhijeet Banerjee has recently asked India to print more money and transfer them to the poor class of people to increase demand in the market to tackle upcoming recession post COVID-19.

Reference: https://m.telegraphindia.com/business/abhijit-banerjee-offers-print-money-pill/cid/1763262

A lot of economists will say it is a bad idea because later it will become very difficult to arrest inflation rate. But increasing the demand is a major challenge as well.

Voice your opinion! Will be good or bad step for a diverse country like India?

it depends: do you want stability or revolution?

the lockdowns are hardest on the poorest populations, who have no savings, live in overcrowded slum conditions, and are worst equipped for a complete economic stoppage. if this continues for months and nothing is done to mitigate their suffering, they will begin rioting and revolting and taking by force what they need to survive. with a population like india's, no police or armies could ever stop them.

the question for policymakers is, do you want millions and millions of hungry poor rioting in the streets (which will also make the pandemic grow exponentially as society stops heeding social distancing and quarantines)? or do you want stability at the cost of future inflation?

if i were a policymaker trying to maintain the rule of law, the answer seems obvious.

You have an intelligent point here.
There can't be stability in any economy as there is never a situation of economic equilibrium.

Yes, in regards to exponential growth of the virus and inflation there is need for a tradeoff between the two.

Better still, a stimulus package should be given to people.

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April 16, 2020, 09:52:24 PM
 #48

This is a bad idea...
the cost to print money is very expensive, it is better if the money/cost to print the money they share with the poor. people generally think that printing money is easy.  Undecided



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April 19, 2020, 09:31:39 AM
 #49

This wouldn't be a good idea. If they want to be like the Zimbabwean dollar with the hyperinflation thing affecting their economy, go right ahead. I think the best move for India is just to ask the private and government companies to help the needy. It's just the same right? Helping them without affecting the economy.

In situations like this the government must act quickly and decisively. It can take months before some rich companies will make up their minds to shell out something to help the needy. And some of them will not do it at all. I think Abhijeet Banerjee suggested a good thing, and of course he's aware of Zimbabwe, Venezuela and similar examples of money printing turning bad, and he knows how prevent that from happening.

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April 19, 2020, 04:22:24 PM
 #50

That is the thing about the printing money and actually having a problem or not having a problem. Now if one nation prints money and others don't, that will cause some inflation inside and we are talking about a big problem for that nation, however if 50 nations prints money that means there will not be an inflation that big since all other nations printed as well, still a problem inside because things will go higher with people having more money but things costing more money as well, but not as big as doing it alone since you can at least use it for global payments as well.

However looks like countries will go for cheap or zero interest rate loans to big companies so that they could both restart the economy and not have to print money as well if they can afford to.
No, the advantage so to speak of having almost every country in the world printing money is that your export sector is not going to suffer, a measure that has been known for a long time in order to raise your exports is to weaken your currency so foreigners can buy more of the stuff being produced in your country, and how do you weaken a currency? By printing money of course, however when everyone is doing it then no one gets any advantage in the exports sector, but the internal market will suffer as the price of everything goes up and the salaries stay the same.
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April 19, 2020, 05:27:43 PM
 #51

Nobel Laureate Abhijeet Banerjee has recently asked India to print more money and transfer them to the poor class of people to increase demand in the market to tackle upcoming recession post COVID-19.

Reference: https://m.telegraphindia.com/business/abhijit-banerjee-offers-print-money-pill/cid/1763262

A lot of economists will say it is a bad idea because later it will become very difficult to arrest inflation rate. But increasing the demand is a major challenge as well.

Voice your opinion! Will be good or bad step for a diverse country like India?
Me too I think it is a bad idea to print more money because it will mean so much  money in circulation. This is what causes inflation. If there is more money and India does not have a strong fiscal policy it will mess up the economy and Indians will be the ones to suffer at the end.

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April 19, 2020, 06:46:09 PM
 #52

There is not enough money in the world to help out the poor if you never did that before to begin with. Would Sweden be capable of helping out everyone including companies and every single person during this time of need?

Well, of course they would be capable of doing that, however they were always a social democracy to begin with and they are quite happy to be like that and they are getting help, now they need bigger but they at least had a base to start working with.

Other nations including India and even the bigger ones like usa or uk do not have that because they are full of politicians who are only thinking with their pockets and not their hearts, so to begin now would be way too late and wouldn't be possible because they spent all the taxes on useless stuff to get more money into their pockets to begin with. Hence why printing money is the solution. Also do not consider all money printing with Zimbabwe, USA has been creating more money out of thin air all the time and nothing really happened to them all that bad.
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April 20, 2020, 04:10:00 PM
 #53

This is what happens with a limitless volume of fiat, they want to destroy the world economy by printing more money. Well when Zimbabwe was printing more money without corresponding export and production to back it up, this lead to a total collapse of their economy leading to hyperinflation.
This wouldn't be a good idea. If they want to be like the Zimbabwean dollar with the hyperinflation thing affecting their economy, go right ahead. I think the best move for India is just to ask the private and government companies to help the needy. It's just the same right? Helping them without affecting the economy.

Print money intended by Laureate mimics the strategy carried out by America in solving its economic problems by printing money, only because the dollar is used as an international currency then the inflation effect is borne by the whole world.

The money-printing policy was also carried out by China with a guarantee of multiple projects. The principle of China as long as there is a project that is productive is not fictitious although it is not very important as long as it is beneficial for the community to be funded by the government. An example is the installation of chips in a tree to measure levels of CO2 and other pollutants. When printing money the project must be layered so that the wheels of the economy spin fast.

It's just that China requires that all raw materials must be made and produced in China (100% made in China) not imported goods, and the workforce must be Chinese people. The project may be worldwide, the value may be fantastic but China will arrange in such a way that Renmimbi will continue to circulate within China but the dollar will enter China. Even when funding infrastructure development in a country within BRI, China also sends its workforce from the level of expert staff to technicians.

Print money made by China is not for consumption, not to pay foreign debt, not for imports but for projects where natural and human resources are in China.

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April 20, 2020, 11:59:26 PM
 #54

Print money intended by Laureate mimics the strategy carried out by America in solving its economic problems by printing money, only because the dollar is used as an international currency then the inflation effect is borne by the whole world.
I understand what you are trying to say but it would still affect the economy, probably at a different rate since it would affect the whole world.

Print money made by China is not for consumption, not to pay foreign debt, not for imports but for projects where natural and human resources are in China.
So in clarity, it's okay to print money that is going to be used inside the economy of India (since we are talking about India in this topic), and affecting their economy only? Everything goes back to the people of India and back to them, just make sure it would be of help, right?

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April 21, 2020, 07:46:17 PM
 #55

So in clarity, it's okay to print money that is going to be used inside the economy of India (since we are talking about India in this topic), and affecting their economy only? Everything goes back to the people of India and back to them, just make sure it would be of help, right?

Not only India, many countries can print their own money as long as they print money with real project guarantees layered with the natural resources and labor they have and without imports from other countries to run the project.

Large population and will soon get a demographic bonus and although many Indians live in poverty, India is a country with advanced technology and even basic education in technology-based India. So that the millennial generation that is synonymous with innovation and change will become the economic power of India. This innovative generation can create practical new ideas to accelerate the economy.

What is blocking India from printing money right now is that India is now a strategic partner of the United States to compete with China in Asia. The United States is now building India as sadly as it did before building the Chinese industry. This could be an opportunity for the rapid development of India as well as a scourge because when there is FDI then they will not want to print money and rely on debt and imports for their development.

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April 22, 2020, 02:26:12 AM
 #56

~snip
So right now, it's best to invest now (by printing money) and believe in the incoming/current generation to bring power to the economy, which is a good idea, and wait for the development of technological advancements. So with all the possible positive things that printing money could bring to everyone, does it still solve the current situation that we are in right now?

I know there are a lot of solutions trying to solve COVID-19, but does this affect it directly? All I could think of is the future impact on the economy.

Okay make more money to the economy
  • Give to frontlliners
  • More R&D
  • Helping the needy

It's still going to affect the economy no matter what but then I guess it's better than having a deflation in this current time, right?

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April 22, 2020, 03:30:33 AM
 #57

It's a good idea to influence the economy rather than print  All the countries of the earth are browsing a crisis because of COVID-19  to unravel this if the country's economy is trying to reinforce it's an honest step in the long run. this might prevent inflation and increase export investment Helpless people will find a source of income.

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April 22, 2020, 04:19:09 AM
 #58

~snip~
Me too I think it is a bad idea to print more money because it will mean so much  money in circulation. This is what causes inflation. If there is more money and India does not have a strong fiscal policy it will mess up the economy and Indians will be the ones to suffer at the end.

Printing more money per se is not that bad. Especially if it is done as an extreme measure to something that is extremely urgent such as what is currently happening to almost all countries. Also, it is being done all around the world. This is not peculiar to India. For as long as it is well-managed, I believe it will do more good than bad.

This is not the only thing that causes inflation. There are so many factors that cause inflation. And, most importantly, inflation is actually not to be fully avoided. It is designed to be there. It should be there, albeit closely managed. 

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April 22, 2020, 05:32:30 AM
 #59

So right now, it's best to invest now (by printing money) and believe in the incoming/current generation to bring power to the economy, which is a good idea, and wait for the development of technological advancements. So with all the possible positive things that printing money could bring to everyone, does it still solve the current situation that we are in right now?

I know there are a lot of solutions trying to solve COVID-19, but does this affect it directly? All I could think of is the future impact on the economy.

Okay make more money to the economy
  • Give to frontlliners
  • More R&D
  • Helping the needy

It's still going to affect the economy no matter what but then I guess it's better than having a deflation in this current time, right?

The choice is in the hands of Indian leaders, using the old Keynesian understanding or copying countries that have chosen to print money to support development and growth without experiencing inflation as did the United States, China, and Japan. Printing money does not always bring inflation as is the case in Japan now instead Japan wants a little inflation but it can't because of a culture of people who love to save and live frugally. Inflation is not always bad as long its not becoming hyperinflation.

In addition to printing money, modern economists monetary theory also sparked the idea of   a sovereign wealth fund (SWF) and a consolidated bottom of the pyramid. For the current conditions, it will be very effective for India to conduct equity crowdfunding as a step to consolidate the bottom of pyramid. With a profit sharing system and with a small investment, each Indian can help each other and work together to produce economic turnover.

India's millennial generation with technology literacy is expected to be an agent of change for the consolidation of the bottom of the pyramid. So far we have always focused on macroeconomics, so we forget that the microeconomic foundation is the most important. To spin the Indian macroeconomic wheels will be very heavy, but each individual can turn the economic wheels of their environment then consumption and income will be stable because money continues to rotate in the real economy sector and because it revolves in the middle and lower classes then very little money is used for the non-real sector.

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April 24, 2020, 09:52:32 PM
 #60

~snip~
Me too I think it is a bad idea to print more money because it will mean so much  money in circulation. This is what causes inflation. If there is more money and India does not have a strong fiscal policy it will mess up the economy and Indians will be the ones to suffer at the end.

Printing more money per se is not that bad. Especially if it is done as an extreme measure to something that is extremely urgent such as what is currently happening to almost all countries. Also, it is being done all around the world. This is not peculiar to India. For as long as it is well-managed, I believe it will do more good than bad.

This is not the only thing that causes inflation. There are so many factors that cause inflation. And, most importantly, inflation is actually not to be fully avoided. It is designed to be there. It should be there, albeit closely managed. 
The problem is that printing money has gone to something we do in extraordinary circumstances to a standard tactic, governments now print a lot of money for no reason at all and now when printing money could be used as a way to stimulate the economy to get off this difficult circumstances they find out this could damage the economy as well, if this crisis last for a lot longer I am not so sure the economic system will survive and probably a big reform will come during the next years.
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