Mistificazione monetaria

NEW YORK – Nel mese di settembre, le banche centrali dei Paesi sulle due sponde dell'Atlantico hanno adottato misure di politica monetaria straordinarie: il tanto atteso "QE3", ovvero la terza tornata di allentamento quantitativo da parte della Federal Reserve americana, e l'annuncio della Banca Centrale Europea di un intervento illimitato sui titoli di Stato dei paesi della zona euro in difficoltà. I mercati hanno risposto con euforia e, ad esempio, negli Stati Uniti i valori dei titoli azionari hanno raggiunto il picco più alto del periodo post-recessione.

D’altro canto, soprattutto tra i politici conservatori, si teme che le ultime misure monetarie possano alimentare l'inflazione e incoraggiare una spesa pubblica incontrollata.

In realtà, le paure dei detrattori e l'euforia degli ottimisti sono entrambe ingiustificate. Con una capacità produttiva al momento sottoutilizzata e delle prospettive economiche immediate così tetre, il rischio di un’inflazione forte è minimo.

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