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La política de las tasas de interés negativas

ATENAS – Los objetos de deseo tienen precio. Sólo cosas malas, como los desechos tóxicos, tienen un precio negativo equivalente a la tarifa que cobre cualquiera que esté dispuesto a hacerlos desaparecer. ¿Significa esto que las tasas de interés negativas representan una nueva visión del dinero: que se ha convertido en algo “malo”?

En las economías de mercado, el dinero es la medida del valor de los bienes y servicios. Y la tasa de interés es el precio de tal indicador, del dinero mismo. Cuando el precio es cero, no hay gran diferencia si el dinero se guarda debajo del colchón o se presta, porque poseer efectivo o pedirlo un préstamo no tiene costo alguno.

¿Pero cómo puede ser cero el precio del dinero, que después de todo hace girar el mundo y, como lo expresara Karl Marx, “transforma todas mis incapacidades en su contrario”? ¿Y cómo es posible que llegue a ser negativo, como lo está hoy en gran parte de la economía global, con los adinerados del mundo “sobornando” a los gobiernos para que tomen préstamos por más de $5,5 billones?

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