people shopping Peter Macdiarmid | getty images

Affrontare l’Incubo Fiscale

BERKELEY – L’economia mondiale sta chiaramente andando a fondo e i politici, coloro cioè che dovrebbero assisterla, si “avvitano” su loro stessi. Almeno così suggeriscono i risultati del vertice dei G-20 tenutosi a Shanghai alla fine del mese scorso.

Il Fondo Monetario Internazionale, che aveva da poco ridimensionato le sue previsioni relative alla crescita globale, ha informato i convenuti del G-20 che già incombeva un ulteriore downgrade. Nonostante questo, tutto ciò che è emerso dal meeting è stata una dichiarazione anodina riguardo il proseguimento delle riforme strutturali e la necessità di evitare politiche egoistiche a scapito di altri.

Ancora una volta, la politica monetaria è rimasta – come suol dirsi oggi – l’unica “partita” possibile. Le banche centrali hanno mantenuto i tassi di interesse bassi per la maggior parte degli  ultimi otto anni. Hanno sperimentato interventi di quantitative easing. Nella loro ultima “acrobazia”, hanno spostato i tassi di interesse reali in territorio negativo.

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