Arroganza e autorità

WASHINGTON, DC – Ultimamente, parlando della crisi del 2008-2010, i banchieri centrali americani ed europei non fanno che pronunciare il seguente verdetto: «Abbiamo tenuto bene». A detta loro, i vari interventi governativi a sostegno del sistema finanziario hanno contribuito a stabilizzare la situazione. In effetti, visto e considerato che gli acquisti di asset della Federal Reserve americana hanno creato denaro (poi trasferito al Tesoro statunitense), cosa avrebbe potuto andare storto?

Metterla in questi termini vuol dire però, nel migliore dei casi, andare incontro a una delusione. Nella peggiore delle ipotesi, invece, crea solo un’immagine di arroganza che può ledere la credibilità su cui si fonda l’autorità delle banche centrali.

Il costo reale della crisi non si misura dai bilanci (ossia dagli utili e dalle perdite) di una qualsiasi banca centrale, o dalla possibilità o meno che il Troubled Asset Relief Program (TARP), gestito dal Dipartimento del Tesoro, abbia creato o perso denaro nelle sue varie attività.

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