L'esperimento del denaro ultrafacile

BASILEA – Le banche centrali di tutto il mondo sono impegnate in uno dei più grandi esperimenti politici della storia moderna, quello del denaro ultrafacile. Man mano che l'esperimento va avanti, aumenta però il rischio di fallimento e, quindi, delle devastanti correzioni e dislocazioni economiche che potrebbero derivarne.

Sulla scia della crisi iniziata nel 2007, i tassi ufficiali sono scesi a livelli mai visti, che mantengono ancora oggi; inoltre, sono state adottate misure per ridurre anche i tassi a più lungo termine. Prima d'ora non si era mai visto nulla di simile a livello globale, nemmeno nel periodo della Grande Depressione. Per di più, il bilancio di molte banche centrali ha raggiunto livelli record, pur se attraverso modi diversi e per diverse ragioni, il che sottolinea ulteriormente il carattere sperimentale dell’attuale allentamento monetario.

I rischi insiti in politiche del genere richiedono un’attenta riflessione, soprattutto perché l'esperimento in corso sembra avanzare su un percorso ben noto, che inizialmente ha portato alla crisi.

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