Paul Lachine

Il fallimento della finanza del libero mercato

LONDRA – Cinque anni dopo il crollo della banca d'investimento statunitense Lehman Brothers, il mondo deve ancora affrontare ciò che allora determinò la susseguente crisi finanziaria, vale a dire un eccesso di debito. Questo spiega perché la ripresa economica è stata molto più lenta rispetto alle attese, e in alcuni Paesi non è ancora neppure iniziata.

Economisti, banchieri centrali e supervisori non solo non sono riusciti a prevedere la crisi, ma hanno anche creduto che la stabilità finanziaria sarebbe stata garantita fintanto che l'inflazione fosse rimasta a livelli bassi e stabile. Poi, una volta arginata la crisi immediata, nessuno di noi è stato capace di anticipare quanto sarebbero stati pesanti i suoi strascichi.

Nella primavera del 2009, i pronostici ufficiali non parlavano né di un recupero lento né del fatto che la crisi, essenzialmente limitata agli Stati Uniti e al Regno Unito, avrebbe presto contaminato l’eurozona. D’altro canto, le forze di mercato non immaginavano neppure lontanamente che i tassi di interesse sarebbero rimasti in prossimità dello zero per cinque anni (e oltre).

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