Estados Unidos pasa de maestro a alumno

Cambridge – Mientras sigue desatándose la crisis financiera de ribetes épicos de Estados Unidos, no se puede más que esperar que los estrategas políticos norteamericanos sean la mitad de buenos para escuchar el consejo de los países en desarrollo como lo son para brindarlo. Los norteamericanos no parecen tomar conciencia de que su colapso de hipotecas de alto riesgo tiene demasiado en común con muchas crisis bancarias post-1945 que tuvieron lugar previamente en todo el mundo.

El consuelo es que existen muchos estrategas altamente distinguidos, en funciones o no, especialmente de países de mercados emergentes, que han visto esta película antes. Si los estrategas políticos norteamericanos tan sólo escucharan, podrían captar una idea o dos sobre cómo hacer frente a las crisis financieras de boca de expertos que han pasado por ellas y han salido a salvo.

Desafortunadamente, el paralelismo entre la crisis de Estados Unidos de hoy y las crisis financieras previas no es una simple hipérbole. Los paralelos cualitativos son obvios: los bancos que utilizan préstamos fuera de balance para financiar operaciones altamente riesgosas, instrumentos financieros nuevos y exóticos y una exuberancia excesiva por la promesa de nuevos mercados.

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