Mistificación monetaria

NUEVA YORK – Los bancos centrales a ambos lados del Atlántico adoptaron extraordinarias medidas de política monetaria en septiembre: la tan esperada «QE3» (tercera dosis de flexibilización monetaria por parte de la Reserva Federal estadounidense) y el anuncio del Banco Central Europeo sobre la compra ilimitada de bonos de los gobiernos de los países en problemas de la eurozona. Los mercados respondieron con euforia. En EE. UU., Por ejemplo, los precios de las acciones alcanzaron máximos posrecesión.

Otros, especialmente quienes forman parte de la derecha política, se mostraron preocupados por la posibilidad de que las recientes medidas monetarias impulsen inflación en el futuro y fomenten un gasto gubernamental desenfrenado.

De hecho, tanto los temores de los críticos como la euforia de los optimistas son injustificados. Con tanta capacidad productiva actualmente subutilizada y con perspectivas económicas tan sombrías en lo inmediato, el riesgo de una inflación grave es mínimo.

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