Komu zvoní americká hrana

Předseda Rady ekonomických poradců prezidenta Bushe Ben Bernanke v posledních dnech rád hovoří o „globálním nadbytku úspor“, který zapříčinil úžasně nízké reálné úrokové míry po celém světě. Takový pohled na věc je však mylný.

Spojené státy rozhodně netrpí nadbytkem úspor. Míra úspor je zde již několik desetiletí trýznivě nízká a neuvážená fiskální politika Bushovy administrativy ji stlačila ještě níže. Klesající úrokové sazby v posledních letech vyšroubovaly ceny nemovitostí a umožnily americké vyšší střední třídě, aby se ke svým domům chovala jako k obřím bankomatům, což míru úspor ještě více snížilo. Amerika netrpí nadbytkem úspor, nýbrž jejich nedostatkem.

A ostatní svět? Globální nadbytek úspor by naznačoval, že opětovné nastolení rovnováhy ve světové ekonomice vyžaduje takový přístup, který zvýší americkou míru úspor a spotřebu neamerických domácností. Světová ekonomika se však nepotýká s nadbytkem úspor, nýbrž s nedostatkem investic.

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