Occupy Quantitative Easing

NEW HAVEN – La Federal Reserve continua ad aggrapparsi ad una strategia destabilizzante ed inefficace. Portando avanti la politica di quantitative easing, che comporta l’acquisto mensile di beni a lungo termine per un valore pari a 85 miliardi di dollari, la Fed sta infatti perseguendo un fine sleale sia a livello domestico che all’estero.

Le ripercussioni a livello globale sono ormai chiare, in particolar modo sulle economie in via di sviluppo con ampi deficit di conto corrente, tra cui l’Indonesia, il Brasile, la Turchia ed il Sudafrica. Questi paesi hanno beneficiato più di tutti dei flussi capitali indotti dal quantitative easing e sono stati anche i primi a trovarsi in difficoltà in vista della chiusura del rubinetto. Con l’indietreggiamento della Fed nel corso dell’incontro politico di metà settembre, questi paesi hanno tirato, per un po’, un sospiro di sollievo rispetto alle loro valute e ai mercati azionari.

Ma c’è un problema ancor più insidioso che sta emergendo sul fronte domestico. Con un tasso di interesse di base pari a zero, la Fed ha abbracciato un approccio totalmente diverso nella guida dell’economia statunitense. Ha spostato fondamentalmente la focalizzazione dal prezzo del credito all’influenza sulla dimensione della quantità del ciclo di credito attraverso le iniezioni di liquidità che richiedono le operazioni di quantitative easing. In questo modo, la Fed si basa sull’“effetto benessere”, derivato principalmente da un aumento dei costi del capitale e delle proprietà, come principale meccanismo di trasmissione per la politica di stabilizzazione.

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