Paul Lachine

Bernanke předstupuje před tisk

CAMBRIDGE – Na nedávné a vůbec první tiskové konferenci Federálního rezervního systému Spojených států jeho předseda Ben Bernanke přednesl ráznou obranu silně kritizované politiky Fedu spočívající v masových nákupech amerických dluhopisů, známou též jako „kvantitativní uvolňování“. Byla však jeho obhajoba přesvědčivá?

Řada ekonomů pokládala jeho výkon za mistrovský. Skutečnost, že dolar nadále sklouzává, zatímco ceny zlata nepřestávají růst, dokládá ale značnou skepsi trhů. Jednou z nejkrutějších pravd v centrálním bankovnictví je, že investoři často slyší úplně jiné poselství, než jaké jim centrální banka zamýšlí vyslat.

Samozřejmě, že ke „QE“, jak obchodníci říkají kvantitativní uvolňování, byl Fed nucen přistoupit, protože jeho obvyklý nástroj k dolaďování inflace a růstu, jednodenní úroková sazba, už je na nule. Přesto si hospodářský růst USA zachovává šnečí tempo a provází jej zatvrzele vysoká nezaměstnanost. Na QE se svaluje vina za všechno od bublin cen aktiv přes hladové bouře až po impetigo. Do této politiky se navážejí všichni od zahraničních ministrů financí přes komiksové satiriky (pusťte si video „quantitative easing explained“) po Sarah Palinovou.

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