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政府的收入主要来自税收,当财政支出大于财政收入时,财政赤字就产生了。解决财政赤字的一种办法是增加税收,但是,会面临极大的政治阻力,那么,开动印钞机来增加财政收入就不可避免。开动印钞机一方面可以增加政府的铸币税收入,另一方面,货币供给量的大幅度增加会导致通货膨胀,通货膨胀会导致人们手中持有的货币余额(中央银行对社会大众的负债)和政府的债务同时缩水。
The government’s revenue mainly comes from taxes. When the fiscal expenditure is greater than the fiscal revenue, fiscal deficits come into being. One way to solve the fiscal deficit is to increase tax revenue, but it will face great political resistance. Therefore, it is inevitable to start the printing press to increase fiscal revenue. Starting a printing press can increase the government’s seigniorage revenue. On the other hand, a substantial increase in the money supply can lead to inflation. Inflation can lead to the balance of money held by people (the central bank’s debt to the general public) And the government’s debt shrunk at the same time.