L’Oro e le Illusioni della Germania

WASHINGTON, DC – L'oro della Germania è in movimento. Per la prima volta da quando le transazioni ufficiali di oro sono diventate più trasparenti, la Bundesbank ha comunicato che una parte significativa dei propri depositi saranno trasferiti in patria dalla Francia e dagli Stati Uniti. Apparentemente, è solo questione di ordinaria gestione monetaria. Ma perché adesso?

Una delle spiegazioni possibili è che i politici tedeschi credano che ci stiamo avvicinando ad uno scenario in cui “ogni paese agisce per proprio conto” - e che solo l'oro custodito dalla propria polizia abbia qualche valore.

Ma questo è più che inverosimile. Il mondo in cui si rompe completamente la fiducia finanziaria tra la Germania e la Francia, o tra la Germania e gli Stati Uniti, è un mondo in cui esistono problemi molto più grandi della questione del dove viene localizzato l'oro di un paese. Il commercio internazionale crollerebbe, e le principali aziende globali faticherebbero a vendere i loro prodotti. In una situazione del genere, avere più oro nel proprio paese, piuttosto che nelle casse della Fed di New York, sarebbe del tutto irrilevante.

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