Bubbles.

Trápení s finančními bublinami

LONDÝN – Velice brzy poté, co vyšla najevo závažnost finanční krize roku 2008, začala živá debata o tom, zda centrální banky a regulatorní orgány mohly a měly udělat víc pro její odvrácení. Tradiční názor, zřetelně zastávaný bývalým předsedou Federálního rezervního systému USA Alanem Greenspanem, říká, že každý pokus předem propichovat finanční bubliny je odsouzen k nezdaru. Centrální banky mohou nanejvýš uklidit vzniklý nepořádek.

Propichování bublin opravdu může zbytečně dusit růst – a společnost to vyjde draho. Existuje ale protiargument. Ekonomové v Bance pro mezinárodní platby (BIS) mají za to, že škody způsobené krizí byly tak velké a náprava důsledků tak dlouhá, že by se dnes jistě měli poohlížet po způsobech jak jednat preemptivně, až znovu zaznamenáme nebezpečné hromadění likvidity a úvěrů.

Odtud urputný (třebaže slušně vedený a pro nezasvěcené těžko srozumitelný) spor mezi dvěma křídly na nedávném zasedání Mezinárodního měnového fondu v peruánské Limě. Milovníkům literatury to připomnělo Gulliverovy cesty od Jonathana Swifta. Gulliver se ocitá ve válce mezi dvěma kmeny, z nichž jeden je přesvědčen, že vařené vejce by se mělo vždy naťuknout ze špičatější strany, zatímco druhý zapáleně trvá na názoru, že lžička lépe dosedá na oblejší stranu.

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