De vuelta al decenio de 1960

BERKELEY -- Las quejas de los efectos inflacionarios de la política monetaria no cesan de aumentar, pese a que apenas hay asomo de inflación en los Estados Unidos. Las economías que están reduciendo su retraso con un rápido crecimiento están esforzándose denodadamente para no verse arrastradas por un torrente de entradas de capitales. Ha habido destacados encargados de la formulación de políticas, que buscan urgentemente soluciones substitutivas del averiado sistema monetario de los Estados Unidos, que han llegado hasta el extremo de hablar del regreso al patrón-oro.

No estoy hablando de 2011, sino de 1964. No es la primera vez en que nos encontramos en esta situación.

En 1964, eran las economías de Europa, que crecían rápidamente y seguían reduciendo su retraso respecto de los EE.UU., las que gritaban contra la Reserva Federal. Según sostenían, a consecuencia de una política americana imprudentemente expansionista, se veían inundadas con financiación importada. Los EE.UU. estaban “exportando inflación”.

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