Konzervativní intervencionismus

BERKELEY – V této fázi celosvětového boje proti depresi je užitečné se zastavit a zamyslet se nad otázkou, nakolik konzervativní byla a je politika centrálních bank, ministerstev financí a vládních rozpočtových úřadů po celém světě. Téměř vše, co tyto instituce učinily – zvýšení výdajů, daňové škrty, rekapitalizace bank, nákupy rizikových aktiv, operace na otevřeném trhu a jiné formy rozšiřování peněžní zásoby –, odpovídalo politické linii, která je téměř 200 let stará a datuje se až do raných dob průmyslové revoluce, tedy k prvním záchvěvům hospodářského cyklu.

Začněme rokem 1825, kdy zpanikaření investoři chtěli své peníze investovat do bezpečné hotovosti namísto riskantních podniků. Robert Banks Jenkinson, druhý hrabě Liverpoolu a ministr financí krále Jiřího IV., tehdy snažně prosil Cornelia Bullera, guvernéra Bank of England, aby podnikl kroky k zamezení kolapsu cen finančních aktiv. „Věříme v tržní ekonomiku,“ argumentoval tehdy liverpoolský hrabě, „avšak nikoliv, když ceny vytvářené tržní ekonomikou vedou k masové nezaměstnanosti v ulicích Londýna, Bristolu, Liverpoolu a Manchesteru.“

Bank of England tehdy skutečně zasáhla: intervenovala na trhu a nakoupila dluhopisy za hotovost, čímž zvýšila ceny finančních aktiv a rozšířila peněžní zásobu. Půjčila nestabilním bankám oproti malým zárukám a oznámila záměr stabilizovat trh – a také že spekulanti na pokles by se měli mít na pozoru.

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