Ted Cruz Branden Camp via ZUMA Wire

Reformar ou Deformar o Fed?

BERKELEY – A silly season que constitui uma campanha eleitoral presidencial nos Estados Unidos deu uma guinada especialmente absurda, agora que os candidatos apresentam as suas propostas para a reforma da política monetária. Esta não é a primeira vez, claro está, em que os candidatos presidenciais propuseram alterar o modo de condução da política monetária dos EUA. Mas a natureza radical, e por vezes desmiolada, da safra actual de esquemas é excepcional em termos históricos.

A razão por que estas propostas atraem os candidatos e os votantes potenciais não tem qualquer mistério. Desde a crise financeira, a Reserva Federal dos EUA tomou uma série de medidas sem precedentes, cortando as taxas de juro até zero, expandindo enormemente o seu balanço, e resgatando instituições financeiras em dificuldades. Estas medidas pretendiam tratar os males da economia, mas a sua própria associação a esses males encoraja a crença de que são de alguma forma a sua causa subjacente.

Do mesmo modo, a participação do Fed em resgates de instituições financeiras em dificuldades é criticada por favorecer Wall Street relativamente a outros sectores (N.T.: no original, favoring Wall Street over Main Street). E, para além disso, o Fed é criticado por criar desigualdades, primeiro por manter reduzidas as taxas de juro, que penalizam quem tem rendimentos fixos, e agora por aumentar as taxas, o que coloca limites ao crescimento dos salários.

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