Zastavme ve finančnictví závody ve zbrojení

CAMBRIDGE – Lidé se často ptají, jestli regulátoři a legislativci ve finanční soustavě vyspravili vady, které svět dovedly na pokraj druhé Velké hospodářské krize. Krátká odpověď zní ne.

Ano, pravděpodobnost okamžitého opakování akutního finančního zhroucení z roku 2008 výrazně snižuje skutečnost, že většina investorů, regulátorů, spotřebitelů, a dokonce i politiků si zážitek blízké finanční smrti bude dost dlouho pamatovat. Vzhledem k tomu bude zřejmě jistou dobu trvat, než se opět naplno rozvine lehkovážnost.

Jinak se ale fundamentálně mnoho nezměnilo. Legislativa a regulace vzniklá hned po krizi sloužila převážně jako záplata nutná k zachování statu quo. Politici a regulátoři nemají politickou kuráž ani duševní přesvědčení potřebné pro návrat k mnohem jasnějšímu a přímočařejšímu systému.

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