{"id":512233,"date":"2022-03-20T11:52:28","date_gmt":"2022-03-20T10:52:28","guid":{"rendered":"https:\/\/www.hashtag.al\/?p=512233"},"modified":"2022-03-20T11:52:28","modified_gmt":"2022-03-20T10:52:28","slug":"si-te-perballemi-me-inflacionin","status":"publish","type":"post","link":"https:\/\/www.hashtag.al\/index.php\/2022\/03\/20\/si-te-perballemi-me-inflacionin\/","title":{"rendered":"Si t\u00eb p\u00ebrballemi me inflacionin?","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"

\"\"Nga Yanis Varoufakis<\/strong><\/span><\/p>\n

Inflacioni \u00ebsht\u00eb nj\u00eb \u201cs\u00ebmundje\u201d q\u00eb prek n\u00eb m\u00ebnyr\u00eb disproporcionale t\u00eb varfrit. Edhe p\u00ebrpara se Putini t\u00eb niste luft\u00ebn e tij brutale, rezultati i s\u00eb cil\u00ebs \u00ebsht\u00eb rritja e \u00e7mimeve t\u00eb energjis\u00eb dhe ushqimeve, inflacioni ishte tashm\u00eb mbi 7.5% n\u00eb Shtetet e Bashkuara dhe mbi 5% n\u00eb Evrop\u00eb dhe Britani.<\/span><\/p>\n

Prandaj, thirrjet p\u00ebr kontrollin e saj jan\u00eb plot\u00ebsisht t\u00eb justifikuara. Th\u00ebn\u00eb kjo, historia ka treguar se “ila\u00e7i” p\u00ebr inflacionin tenton t\u00eb shkat\u00ebrroj\u00eb edhe m\u00eb shum\u00eb t\u00eb varfrit.<\/span><\/p>\n

Ajo, q\u00eb ne po p\u00ebrballemi sot \u00ebsht\u00eb se politikat e propozuara deflacioniste k\u00ebrc\u00ebnojn\u00eb jo vet\u00ebm t’u japin nj\u00eb goditje tjet\u00ebr t\u00eb r\u00ebnd\u00eb atyre q\u00eb nuk kan\u00eb por edhe t\u00eb mbysin tranzicionin e gjelb\u00ebr t\u00eb nevojsh\u00ebm d\u00ebshp\u00ebrimisht.<\/span><\/p>\n

Dy sfera ndikimi mbizot\u00ebrojn\u00eb n\u00eb debatin publik mbi inflacionin dhe \u00e7far\u00eb duhet b\u00ebr\u00eb. Dikush k\u00ebrkon q\u00eb t\u00eb shuhen menj\u00ebher\u00eb “flak\u00ebt” inflacioniste t\u00eb politik\u00ebs monetare t\u00eb doktrin\u00ebs s\u00eb shokut dhe frik\u00ebs: q\u00eb normat e interesit t\u00eb rriten ndjesh\u00ebm p\u00ebr t\u00eb mbytur shpenzimet.<\/span><\/p>\n

Ata paralajm\u00ebrojn\u00eb se vonimi i nj\u00eb dhune t\u00eb vog\u00ebl monetare tani do t\u00eb k\u00ebrkoj\u00eb nivele t\u00eb m\u00ebvonshme t\u00eb barbarizmit “shockwalker” – nj\u00eb referenc\u00eb p\u00ebr Paul Volker, President i Rezerv\u00ebs Federale t\u00eb SHBA, i cili ndaloi hiperinflacionin e viteve 1970 q\u00eb u hap p\u00ebr klas\u00ebn pun\u00ebtore amerikane dhe q\u00eb \u00ebsht\u00eb ende i hapur sot.<\/span><\/p>\n

Sfera e dyt\u00eb e ndikimit k\u00ebmb\u00ebngul se kjo nuk \u00ebsht\u00eb e nevojshme, duke propozuar nj\u00eb q\u00ebndrim t\u00eb vendosur p\u00ebr sa koh\u00eb q\u00eb inflacioni i pagave mbahet n\u00ebn kontroll.<\/span><\/p>\n

Prandaj, t\u00eb dy sferat bien dakord se rritja e pagave \u00ebsht\u00eb k\u00ebrc\u00ebnimi real, nd\u00ebrsa mosmarr\u00ebveshja e tyre fokusohet vet\u00ebm n\u00eb at\u00eb n\u00ebse \u00ebsht\u00eb e kujdesshme t\u00eb veprohet para ose pasi ato t\u00eb fillojn\u00eb t\u00eb rriten.<\/span><\/p>\n

Ata gjithashtu bien dakord se p\u00ebr t\u00eb luftuar inflacionin, oferta monetare dhe kredia duhet t\u00eb jen\u00eb nj\u00eb proces me dy hapa: bankat qendrore duhet s\u00eb pari t\u00eb ndalojn\u00eb s\u00eb prodhuari para t\u00eb reja dhe vet\u00ebm m\u00eb pas t\u00eb rrisin normat e interesit. T\u00eb dy b\u00ebjn\u00eb gabime t\u00eb rrezikshme n\u00eb llogaritjet e tyre.<\/span><\/p>\n

S\u00eb pari, inflacioni i pagave duhet t\u00eb jet\u00eb i mir\u00ebpritur, jo t\u00eb trajtohet si rreziku publik nr. 1.<\/span><\/p>\n

S\u00eb dyti, pik\u00ebrisht kur normat e interesit po rriten, bankat qendrore duhet t\u00eb vazhdojn\u00eb t\u00eb prodhojn\u00eb para.<\/span><\/p>\n

Por k\u00ebt\u00eb her\u00eb, ata duhet t\u00eb drejtohen drejt investimeve t\u00eb gjelbra dhe mir\u00ebqenies sociale – dhe n\u00eb t\u00eb nj\u00ebjt\u00ebn koh\u00eb t’u mohojn\u00eb atyre t\u00eb cil\u00ebve me sjelljen e tyre nxisin shkaqet themelore t\u00eb inflacionit.<\/span><\/p>\n

Q\u00eb nga viti 2008, pabarazia \u00ebsht\u00eb lejuar t\u00eb rritet p\u00ebrtej pragut. Dymb\u00ebdhjet\u00eb vitet e mb\u00ebshtetjes s\u00eb bank\u00ebs qendrore p\u00ebr t\u00eb pasurit, e kombinuar me masat shtr\u00ebnguese nd\u00ebshkuese p\u00ebr shum\u00eb njer\u00ebz, kan\u00eb \u00e7uar n\u00eb uljen e investimeve kronike dhe paga t\u00eb ul\u00ebta.<\/span><\/p>\n

Bankat qendrore k\u00ebput\u00ebn eg\u00ebrsisht pem\u00ebn e paras\u00eb p\u00ebr t\u00eb rritur \u00e7mimet e aksioneve dhe t\u00eb pasurive t\u00eb paluajtshme nd\u00ebrsa pagat ran\u00eb. K\u00ebshtu, inflacioni i aseteve dhe pabarazia e eg\u00ebr u b\u00ebn\u00eb regjim.<\/span><\/p>\n

Pothuajse t\u00eb gjith\u00eb ran\u00eb dakord, duke p\u00ebrfshir\u00eb edhe shum\u00eb njer\u00ebz t\u00eb pasur, se pagat duhet t\u00eb rriten jo vet\u00ebm n\u00eb interes t\u00eb pun\u00ebtor\u00ebve, por edhe sepse pagat e ul\u00ebta mbajt\u00ebn investimet e ul\u00ebta dhe krijuan shoq\u00ebri me produktivitet t\u00eb ul\u00ebt, aft\u00ebsi t\u00eb ul\u00ebta, perspektiva t\u00eb ul\u00ebta dhe politika helmuese.<\/span><\/p>\n

Vlen t\u00eb p\u00ebrmendet se gjith\u00e7ka q\u00eb duhej p\u00ebr t\u00eb \u00e7rr\u00ebnjosur k\u00ebt\u00eb konsensus ishte nj\u00eb inflacion modest, historikisht, i pagave i shkaktuar nga nj\u00eb deficit i pun\u00ebtor\u00ebve pas bllokimit pandemik.<\/span><\/p>\n

Pas nj\u00eb dekade mbylljeje t\u00eb syve ndaj inflacionit t\u00eb shfrenuar t\u00eb aseteve (madje edhe duke festuar, si n\u00eb rastin e \u00e7mimeve t\u00eb \u00e7mendura t\u00eb banesave dhe tregjeve t\u00eb furishme t\u00eb aksioneve), inflacioni delikat i pagave i ka panikuar qeverit\u00eb.<\/span><\/p>\n

Papritur, perspektiva e rritjes s\u00eb pagave u kthye nga nj\u00eb objektiv n\u00eb nj\u00eb k\u00ebrc\u00ebnim – duke nxitur Andrew Bailey, Guvernatorin e Bank\u00ebs s\u00eb Anglis\u00eb, t’u k\u00ebrkonte punonj\u00ebsve t\u00eb vendosnin k\u00ebrkesat e tyre p\u00ebr paga n\u00ebn nj\u00eb “kufi mjaft t\u00eb qart\u00eb”.<\/span><\/p>\n

Por kjo nuk \u00ebsht\u00eb nj\u00eb p\u00ebrs\u00ebritje e viteve 1970, kur klasa pun\u00ebtore ishte e vetmja viktim\u00eb e barr\u00ebs s\u00eb deflacionit t\u00eb pagave dhe p\u00ebrfitimi i t\u00eb varf\u00ebrve. Ajo q\u00eb \u00ebsht\u00eb shum\u00eb e ndryshme \u00ebsht\u00eb se, sot, nj\u00eb “goditje Volker” mund t\u00eb mbys\u00eb fare mir\u00eb tranzicionin e gjelb\u00ebr s\u00eb bashku me nj\u00eb pjes\u00eb t\u00eb madhe t\u00eb pesh\u00ebs s\u00eb pun\u00ebtor\u00ebve n\u00eb t\u00eb ardhurat komb\u00ebtare.<\/span><\/p>\n

Kund\u00ebrargumenti \u00ebsht\u00eb, natyrisht, se as pun\u00ebtor\u00ebt dhe as aft\u00ebsia e shoq\u00ebris\u00eb p\u00ebr t\u00eb investuar n\u00eb tranzicionin e gjelb\u00ebr nuk do t\u00eb p\u00ebrfitojn\u00eb nga rritja e pagave q\u00eb nuk mjaftojn\u00eb p\u00ebr \u00e7mimet gjithnj\u00eb n\u00eb rritje. E v\u00ebrtet\u00eb.<\/span><\/p>\n

Megjithat\u00eb, ajo q\u00eb \u00ebsht\u00eb gjithashtu e v\u00ebrtet\u00eb \u00ebsht\u00eb se nj\u00eb politik\u00eb monetare q\u00eb i jep p\u00ebrpar\u00ebsi inflacionit t\u00eb pagave, edhe n\u00ebse arrin t\u00eb eliminoj\u00eb inflacionin n\u00eb fillim, do t\u00eb \u00e7oj\u00eb vet\u00ebm n\u00eb nj\u00eb dekad\u00eb tjet\u00ebr t\u00eb humbur me investime t\u00eb pamjaftueshme n\u00eb njer\u00ebz dhe natyr\u00eb.<\/span><\/p>\n

Nd\u00ebrsa klasa pun\u00ebtore mund t\u00eb ngrihet dhjet\u00eb vjet nga tani p\u00ebr t\u00eb k\u00ebrkuar pjes\u00ebn e t\u00eb ardhurave totale q\u00eb u takon, \u00ebsht\u00eb e kuptueshme q\u00eb dhjet\u00eb vjet t\u00eb tjera investimesh t\u00eb pamjaftueshme n\u00eb tranzicionin e gjelb\u00ebr do na shtyjn\u00eb t\u00eb gjith\u00ebve n\u00eb prag t\u00eb, n\u00ebse jo zhdukjes, d\u00ebmeve t\u00eb pariparueshme p\u00ebr perspektivat e njer\u00ebzimit.<\/span><\/p>\n

Pra, si ta trajtojm\u00eb inflacionin pa rrezikuar investimet n\u00eb tranzicionin e gjelb\u00ebr? Cila \u00ebsht\u00eb alternativa ndaj nj\u00eb lufte klasash p\u00ebr pagat n\u00eb form\u00ebn e nj\u00eb politike monetare t\u00eb prer\u00eb q\u00eb shtyp ofert\u00ebn e paras\u00eb n\u00eb t\u00eb gjitha nivelet, qoft\u00eb me dhun\u00eb (si\u00e7 sugjerojn\u00eb mbrojt\u00ebsit e doktrin\u00ebs s\u00eb shokut dhe frik\u00ebs) qoft\u00eb m\u00eb t\u00eb but\u00eb (propozimi p\u00ebr stabilitet)?<\/span><\/p>\n

Nj\u00eb politik\u00eb alternative e denj\u00eb duhet t\u00eb ket\u00eb tre objektiva:<\/span><\/p>\n

S\u00eb pari, p\u00ebr t\u00eb shtrydhur \u00e7mimet e aseteve (p.sh. \u00e7mimet e pasurive t\u00eb paluajtshme dhe t\u00eb aksioneve) p\u00ebr t\u00eb shmangur humbjen e burimeve minimale financiare p\u00ebr t\u00eb rritur vlerat nominale.<\/span><\/p>\n

S\u00eb dyti, p\u00ebr t\u00eb ulur \u00e7mimet e mallrave duke lejuar kthime m\u00eb t\u00eb larta nga investimi n\u00eb energjin\u00eb e gjelb\u00ebr dhe transportin.<\/span><\/p>\n

S\u00eb treti, investimet e m\u00ebdha n\u00eb sektor\u00ebt e energjis\u00eb dhe energjis\u00eb s\u00eb gjelb\u00ebr, transportit, bujq\u00ebsis\u00eb – si dhe strehimit social dhe mir\u00ebqenies.<\/span><\/p>\n

Agjenda e trefisht\u00eb e politikave n\u00eb vijim mund t\u00eb arrij\u00eb k\u00ebto tre synime.<\/span><\/p>\n

S\u00eb pari, rritja e ndjeshme e normave t\u00eb interesit. Normat jasht\u00ebzakonisht t\u00eb ul\u00ebta t\u00eb interesit nuk arrit\u00ebn t\u00eb stimulonin investimet dhe, n\u00eb \u00e7do rast, nuk ishin kurr\u00eb t\u00eb disponueshme p\u00ebr ata q\u00eb ose kishin nevoj\u00eb t\u00eb merrnin hua ose donin t\u00eb merrnin hua p\u00ebr t\u00eb b\u00ebr\u00eb gj\u00ebrat q\u00eb i nevojiteshin shoq\u00ebris\u00eb. Gjith\u00e7ka q\u00eb u b\u00eb ishin normat jasht\u00ebzakonisht t\u00eb ul\u00ebta t\u00eb interesit p\u00ebr t\u00eb rritur \u00e7mimet e pasurive t\u00eb paluajtshme, \u00e7mimet e aksioneve, pabarazin\u00eb dhe gjith\u00e7ka q\u00eb ndan shoq\u00ebrin\u00eb.<\/span><\/p>\n

S\u00eb dyti, p\u00ebr t\u00eb nisur nj\u00eb iniciativ\u00eb t\u00eb madhe t\u00eb investimeve publike t\u00eb gjelbra t\u00eb mb\u00ebshtetur nga banka qendrore. Natyrisht, rritja e normave t\u00eb interesit nuk do t\u00eb stimuloj\u00eb investimet, edhe n\u00ebse \u00ebsht\u00eb e v\u00ebrtet\u00eb q\u00eb normat pothuajse zero kan\u00eb kontribuar qoft\u00eb edhe nj\u00eb kontribut t\u00eb vog\u00ebl n\u00eb investime. P\u00ebr t\u00eb ndaluar investimet e ul\u00ebta, banka qendrore do t\u00eb duhet t\u00eb shpall\u00eb nj\u00eb lloj t\u00eb ri “leht\u00ebsimi sasior”: Ndaloj\u00eb financimin e financuesve dhe n\u00eb vend t\u00eb k\u00ebsaj t\u00eb angazhohet t\u00eb mb\u00ebshtes\u00eb (blej\u00eb, n\u00ebse \u00ebsht\u00eb e nevojshme) bonot e gjelbra t\u00eb qeveris\u00eb q\u00eb rrisin fondet me 5% t\u00eb t\u00eb ardhurave komb\u00ebtare n\u00eb vit – nj\u00eb shum\u00eb q\u00eb do t\u00eb investohet drejtp\u00ebrdrejt n\u00eb tranzicionin e gjelb\u00ebr, duke i dh\u00ebn\u00eb shoq\u00ebris\u00eb nj\u00eb shans p\u00ebr t\u00eb b\u00ebr\u00eb gjith\u00e7ka q\u00eb duhet p\u00ebr t\u00eb stabilizuar klim\u00ebn.<\/span><\/p>\n

S\u00eb treti, t\u00eb zgjerohet i nj\u00ebjti model i financave publike (p\u00ebr shembull, t’i k\u00ebrkohet bank\u00ebs qendrore t\u00eb mb\u00ebshtes\u00eb obligacionet e qeveris\u00eb) p\u00ebr t\u00eb investuar n\u00eb politikat e strehimit social dhe t\u00eb kujdesit sh\u00ebndet\u00ebsor.<\/span><\/p>\n

Shkurtimisht, ajo q\u00eb un\u00eb propozoj \u00ebsht\u00eb nj\u00eb p\u00ebrmbysje e politikave toksike q\u00eb kan\u00eb qen\u00eb n\u00eb fuqi q\u00eb nga viti 2008. N\u00eb vend q\u00eb bankat qendrore t\u00eb ofrojn\u00eb para falas dhe norma t\u00eb ul\u00ebta interesi p\u00ebr t\u00eb pasurit, nd\u00ebrsa pjesa tjet\u00ebr l\u00ebngon n\u00eb nj\u00eb burg t\u00eb ashp\u00ebr shtr\u00ebngues, banka qendrore duhet bej k\u00ebshtu: Para m\u00eb t\u00eb shtrenjta p\u00ebr t\u00eb pasurit (n\u00ebp\u00ebrmjet rritjeve t\u00eb ndjeshme t\u00eb normave t\u00eb interesit), nd\u00ebrkoh\u00eb q\u00eb siguron para t\u00eb lira p\u00ebr t\u00eb investuar n\u00eb gj\u00ebra q\u00eb shumica dhe mjedisi kan\u00eb nevoj\u00eb dhe kan\u00eb t\u00eb drejt\u00eb.<\/span><\/p>\n

VINI RE:<\/strong><\/span> Shkrimi \u00ebsht\u00eb pron\u00ebsi intelektuale e news247.gr.<\/strong> <\/span><\/a><\/span><\/p>\n

P\u00ebrshtati n\u00eb shqip p\u00ebr Hashtag.al, Klaudio Agolli<\/em><\/span><\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"

Nga Yanis Varoufakis Inflacioni \u00ebsht\u00eb nj\u00eb \u201cs\u00ebmundje\u201d q\u00eb prek n\u00eb m\u00ebnyr\u00eb disproporcionale t\u00eb varfrit. Edhe p\u00ebrpara se Putini t\u00eb niste luft\u00ebn e tij brutale, rezultati i s\u00eb cil\u00ebs \u00ebsht\u00eb rritja e \u00e7mimeve t\u00eb energjis\u00eb dhe ushqimeve, inflacioni ishte tashm\u00eb mbi 7.5% n\u00eb Shtetet e Bashkuara dhe mbi 5% n\u00eb Evrop\u00eb dhe Britani. Prandaj, thirrjet p\u00ebr […]<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":32,"featured_media":512234,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20,13],"tags":[],"class_list":["post-512233","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-te-fundit"],"gt_translate_keys":[{"key":"link","format":"url"}],"_links":{"self":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/512233","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/comments?post=512233"}],"version-history":[{"count":0,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/posts\/512233\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/media\/512234"}],"wp:attachment":[{"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/media?parent=512233"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/categories?post=512233"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hashtag.al\/index.php\/wp-json\/wp\/v2\/tags?post=512233"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}