Sin permisos para matar

NUEVA YORK – En el último año hemos pasado por una experiencia insólita: después de la quiebra de Lehman Brothers en septiembre de 2008, los mercados financieros llegaron a desplomarse y fue necesario un apoyo para mantenerlos con vida artificialmente. Nada así había ocurrido desde la Gran Depresión del decenio de 1930.

Ese desplome resultó tan insólito porque no lo causó un factor exterior, sino que se originó dentro del sistema financiero y desde él se propagó a toda la economía mundial. Fue algo casi complemente inesperado, pues prevalecía la opinión de que los mercados financieros eran autocorrectivos.

Ahora sabemos que no lo son, pero, al haber llegado tan lejos en la desregulación de los mercados, debemos oponer resistencia a la tendencia natural a caer en una compensación excesiva. Si bien los mercados son imperfectos, los reguladores no sólo son humanos, sino también burocráticos y están sujetos a la influencia política. Así, pues, se deben reducir al mínimo las nuevas regulaciones.

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