Денежная мистификация

НЬЮ-ЙОРК. Центральные банки по обе стороны Атлантики в сентябре приняли чрезвычайные меры кредитно-денежной политики: долгожданное «QE3» (третья доза количественного послабления со стороны Федеральной резервной системы США) и заявление Европейского центрального банка о том, что он будет скупать неограниченные объемы облигаций проблемных членов еврозоны. Рынки ответили эйфорией, и цены на акции в США, например, достигли максимума после рецессии.

Другие, особенно с политическим правым уклоном, опасались, что недавние меры денежно-кредитной политики подстегнут инфляцию в будущем и поспособствуют необузданным государственным расходам.

В действительности, как опасения критиков, так и эйфория оптимистов, являются необоснованными. Сегодня, с такими большими неиспользуемыми на полную мощность производственными мощностями и столь мрачными немедленными экономическими перспективами, риски серьезной инфляции минимальны.

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