Konjunktura, propad a oživení ve světové ekonomice

NEW YORK – Současná hospodářská krize vejde do dějin jako Greenspanova bláhovost. Jde o krizi způsobenou především Federálním rezervním úřadem Spojených států v období laciných peněz a finanční deregulace od poloviny 90. let minulého století do dneška.

Politika levných peněz, podpořená regulátory, kteří na regulaci nedbali, zplodila v USA i v dalších zemích, zejména těch, které s USA sdílely tentýž politický přístup, bezprecedentní bubliny vlastního bydlení a spotřebitelských úvěrů. Bubliny teď praskly a tyto ekonomiky směřují do strmé recese.

U kořenů krize byly prudké přírůstky cen bydlení a akcií, které se zcela vymkly historickým měřítkům. Greenspan rozdmýchal dvě bubliny – internetovou bublinu let 1998-2001 a následnou bublinu vlastního bydlení, která právě praská. V obou případech nárůsty hodnot aktiv vedly americké domácnosti k přesvědčení, že nesmírně zbohatly, což je navnadilo k obrovskému zvýšení objemu svých půjček a útrat – za domy, auta a další zboží dlouhodobé spotřeby.

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