Auge, quiebra y recuperación en la economía mundial

NUEVA YORK – Esta crisis económica mundial pasará a la Historia como “la locura de Greenspan”. Se trata de una crisis provocada principalmente por la Junta de Gobernadores de la Reserva Federal durante el período de dinero fácil y desregulación financiera comprendido entre mediados del decenio de 1990 y el presente.

Esa política de dinero fácil, respaldada por reguladores que no cumplieron con su deber, creó burbujas sin precedentes del crédito para la vivienda y para el consumo en los Estados Unidos y en otros países, en particular los que compartían su orientación política. Ahora la burbuja ha estallado y esas economías van camino de una pronunciada recesión.

El factor fundamental de la crisis fue un rápido aumento de los precios de la vivienda y de los valores bursátiles, que superaron en gran medida de los puntos de referencia históricos. Greenspan avivó dos burbujas: la de la red Internet en el período 1998-2001 y la posterior de la vivienda, que ahora está estallando. En ambos casos, los aumentos de los valores de los activos indujeron a las familias estadounidenses a pensar que habían pasado a ser inmensamente más ricas, lo que las tentó a aumentar en gran escala sus solicitudes de créditos y su gasto… en casas, automóviles y otros bienes de consumo duraderos.

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