Консервативный интервенционизм.

БЕРКЛИ – На данном этапе в международной борьбе против депрессии, полезно остановиться и оценить то, насколько консервативной была политика, осуществленная мировыми центральными банками, казначействами, и правительственными бюджетными управлениями. Почти все, что они сделали – увеличение расходов, снижение налогов, изменение структуры капитала банков, покупки опасных активов, операции на открытом рынке, и другие расширения денежной массы – следовало путем политики, которая наметилась почти 200 лет назад, относящейся ко времени самых ранних дней Промышленной революции, и таким образом к первым побуждениям делового цикла.

Точкой отсчета является 1825 год, когда испуганные инвесторы начали инвестировать свои деньги в безопасные наличные, а не в опасные предприятия. Роберт Бэнкс Дженкинсон, Второй Граф Ливерпуля и Первый Лорд Казначейства короля Георга IV, просил Корнелиуса Баллера, Губернатора Государственного Банка Англии, препятствовать падению цен финансовых активов. “Мы верим в рыночную экономику,”- аргументировал Лорд Ливерпуля, - “но не тогда, когда цены, которые производит рыночная экономика, приводят к массовой безработице на улицах Лондона, Бристоля, Ливерпуля, и Манчестера.”

Государственный банк Англии действовал: вмешался в процесс на рынке и купил облигации за наличные деньги, увеличивая цены финансовых активов и расширяя денежную массу, затем дал взаймы на небольшом имущественном залоге банкам, находящимся в шатком положении, таким образом заявив о своем намерении стабилизировать рынок – и о том, что спекулянты должны остерегаться.

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