Olvídense de la inflación

MUNICH – Parafraseando a Winston Churchill, podemos decir que nunca tantos miles de millones de dólares habían sido emitidos por tantos gobiernos y bancos centrales. El Gobierno de los Estados Unidos va a emitir 789.000 millones de dólares en su economía; Europa, 255.000 millones; y China, 587.000 millones. La Reserva Federal de los EE.UU. aumentó en un 97 por ciento sus existencias de dinero primario; el Banco Central Europeo, en un 37 por ciento. El tipo de interés de los fondos federales en los EE.UU. es prácticamente cero y es probable que el tipo principal de refinanciación del Banco Central Europeo, que asciende a sólo un 2 por ciento, el más bajo de su historia, baje aún más en los próximos meses.

La Reserva Federal ha dado a los bancos normales acceso a sus servicios de crédito y el BCE ya no recorta la oferta de dinero primario, sino que, al contrario, facilita toda la liquidez que los bancos piden. Desde el pasado mes de octubre, los planes de rescate occidentales para los bancos  han ascendido a 4,3 billones de dólares.

Muchos temen ahora que con esas enormes inyecciones de efectivo la inflación resulte inevitable. En Alemania, que padeció una hiperinflación en 1923, existe un miedo generalizado a que la gente pierda una vez más sus ahorros y deba empezar de cero. Otros países comparten ese temor, aunque en menor medida.

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