Paul Lachine

Inflace je dnes menším zlem

CAMBRIDGE – Je načase, aby hlavní světové centrální banky uznaly, že náhlé vzplanutí mírné inflace by bylo při překonávání dnešního dluhového marastu epických rozměrů mimořádně užitečné.

Ano, inflace je nefér způsob, jak účinně odepsat všechny inflačně neindexované dluhy v ekonomice. Cenová inflace nutí věřitele, aby přijímali splátky ve znehodnocené měně. Ano, v principu by měl existovat způsob, jak napravit neduhy finančního systému, aniž bychom se utíkali k inflaci. Čím detailněji však rozebíráme alternativy včetně kapitálových injekcí bankám a přímé pomoci pro domácí hypoteční dlužníky, tím zřetelněji bohužel vychází najevo, že inflace by nebyla překážkou, nýbrž pomocí.

Moderním financím se podařilo vytvořit dynamiku platební neschopnosti, která je tak zoufale složitá, že se vzpírá standardním přístupům k řešení dluhů. Sekuritizace, strukturované finance a další inovace natolik provázaly různé hráče ve finančním systému, že je prakticky nemožné restrukturalizovat jednu finanční instituci po druhé. Zapotřebí jsou systémová řešení.

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