De 'afgekickte' wereld

CAMBRIDGE – Misschien moeten we 2013 het jaar van de 'Winehouse-economie' noemen. De in 2011 overleden Britse zangeres Amy Winehouse zong immers: “They tried to make me go to rehab, but I said ‘No, no, no.’” (“Ze wilden me naar een ontwenningskliniek sturen, maar ik zei: 'Nee, nee, nee'”.) In 2013 waren de 'zangers' de belangrijkste centrale banken van de wereld, onder leiding van de US Federal Reserve (de Fed, het federale stelsel van Amerikaanse centrale banken).

Deze zomer gaven zowel de Fed als de Chinese Volksbank lucht aan hun voornemen om het monetair beleid te normaliseren. Fed-voorzitter Ben Bernanke sprak openlijk over het “geleidelijk aan afbouwen” van het beleid van ongelimiteerde aankopen van Amerikaanse staatsobligaties, dat ook wel 'kwantitatieve versoepeling' wordt genoemd. Gouverneur Zhou Xiaochuan van de Chinese Volksbank heeft daadwerkelijk geprobeerd de op hol geslagen groei van de kredietverlening in zijn land aan banden te leggen. Maar toen de markten in beide landen heftiger reageerden dan verwacht – in de vorm van een fors stijgende rente op staatsobligaties in de VS en een eveneens stevig oplopende interbancaire rente in China – kozen de monetaire autoriteiten eieren voor hun geld.

Het is een probleem waar menig popmuzikant ook op is gestuit: na jaren van overmatig alcohol- of drugsgebruik is het helemaal niet zo makkelijk om af te kicken.

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