Paul Lachine

Bernanke incontra la stampa

CAMBRIDGE – Durante la recente conferenza stampa della Federal Reserve americana, la prima che sia mai rilasciata pubblicamente, il presidente Ben Bernanke ha difeso con vigore il tanto criticato piano di acquisto dei titoli di stato americani, altrimenti detto “quantitative easing”. Le sue giustificazioni saranno state persuasive?

La maggior parte degli economisti lo giudica un colpo da maestro. Tuttavia, il fatto che il dollaro abbia continuato a scivolare e i prezzi dell’oro non abbiano cessato la propria ascesa suggerisce un notevole scetticismo da parte dei mercati. Uno degli aspetti più pesanti del sistema bancario centrale è che gli investitori spesso recepiscono un messaggio sostanzialmente diverso da quello che intende trasmettere la banca centrale.

La Fed, ovviamente, è stata forzata a passare al “QE”, come lo chiamano i trader, dal momento che lo strumento normalmente utilizzato per ritoccare inflazione e crescita, ossia il tasso di interesse overnight, è già a zero. Eppure la crescita economica americana resta stagnante, accompagnata da una disoccupazione ostinatamente elevata. Il QE è stato incolpato di qualsiasi cosa, dalle bolle finanziarie alle rivolte per il carovita all’impetigine. Chiunque ha attaccato violentemente questa manovra, dai ministri delle finanze esteri ai fumettisti satirici (si veda a tal proposito il video “quantitative easing explained”) fino a Sarah Palin.

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