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Momeala "investitiilor" in titluri de stat! |
Economie |
Scris de Florin Rusu |
Luni, 28 Noiembrie 2011 08:22 |
Guvernantii romani, si nu numai, vor sa puna mana pe banii populatiei pe orice cai. Mai nou, nu le mai ajung impozitele, contributiile sociale, taxele fiscale si parafiscale, si ar vrea ca simplul contribuabil sa le finanteze risipa bugetara prin achizitionarea de titluri de stat. Ultima idee apartine sefului Consiliului Fiscal, Ionut Dumitru, si este argumentata prin majorarea costurilor de finantare de pe pietele financiare internationale si prin atingerea de catre banci a pragului superior de expunere pe astfel de active toxice. Ideea a fost criticata din punct de vedere economic de Florin Citu, Bogdan Glavan sau Gabriel Staicu, asa ca prezentul text se va concentra mai mult pe aspectele morale implicite ale unei astfel de propuneri. In general, din punct de vedere macroeconomic, un stat este considerat “mai sanatos” daca este indatorat propriilor cetateni, si nu daca este debitorul unor investitori internationali. Cazul Japoniei sau chiar al Italiei (jumatate din datoria publica a italienilor este una interna) sunt edificatoare. Desi au datorii imense, pietele nu le penalizeaza asa cum ar trebui pentru ca respectivele state s-au imprumutat in mare parte de la proprii cetateni. Insa tocmai motivul pentru care din punct de vedere macroeconomic o datorie publica interna este de preferat este si motivul pentru care acest lucru este imoral. O datorie publica interna poate fi repudiata sau poate fi achitata din majorari de taxe (Tyler Cowen analiza posibilitatea ca Italia sa impuna o taxa pe avere care avea avantajul ca ar fi putut sa aiba aceiasi subiecti care detin si titluri de stat italiene, dar care avea imense dezavantaje: reducerea acumularii de capital, diminuarea cesterii economice, etc). Nu in ultimul rand, inflatia poate fi solutia perfecta (din punct de vedere al statului) de reducere a datoriei publice pe spinarea propriilor cetateni ademeni]i de mirajul castigurilor nominale. Din punct de vedere moral, chiar daca este dureros, o datorie publica externa este una mult mai corecta, asa cum observa in urma cu jumatate de secol Frank Chodorov: “When the promissory paper of a small nation is held by a powerful one, some semblance of financial rectitude is maintained by means of the marines; the economy of the defaulting State is impounded until the debt is liquidated, and sometimes for a longer period. Internal debts, on the other hand, are never liquidated. When the burden of meeting the service charges becomes economically unbearable, and the State's credit is gone, repudiation or inflation is resorted to.” Pentru a convinge populatia de rentabilitatea “investitiilor” in titluri de stat sunt subliniate avantajele fiscale ale acestora: spre deosebire de depozitele bancare, ele sunt scutite de la plata impozitului pe venit. Ionut Dumitru merge mai departe: “Diversificarea bazei de investitori în titluri de stat catre persoanele fizice se poate obtine si prin instituirea unui tratament egal din punct de vedere fiscal intre plasamentele directe in titluri de stat si (surpriza, nu depozitele bancacare – n.r.) plasamentele indirecte (prin subscrieri in fonduri de investitii care plaseaza sursele atrase in titluri de stat).” Interesanta este si folosirea cuvantului “investitii” in legatura cu eventualele plasamente ale populatiei in titluri de stat. Acelasi Chodorov denunta inselaciunea verbala folosita pentru a momi contribuabilul cu aceste hartii fara valoare: “The use of the word investment in connection with a bond issued by the State is a treacherous euphemism. When you buy an industrial bond you lend your money to a corporation so that it can buy a machine with which to increase its output of things wanted by the market. The interest paid you is part of the increased production made possible by your loan. That is an investment. The State, however, does not put your money into production. The State spends it — that is all the State is capable of doing — and your savings disappear. The interest you get comes out of the tax fund, to which you contribute your share, and your share is increased by the cost of servicing your bond. In effect, you are paying yourself. Is that an investment?” Concluzia: “The bond you buy increases the circulatory medium, thus depressing its value, and you are really exchanging good money for bad. You are cheating yourself.” |