Svalování viny na Fed

FRANKFURT – Kritici americké centrální banky si teď zgustnou na žinantních odhaleních, jak v předvečer finanční krize hodnotila rizika. Fed je ze zákona povinen s pětiletým zpožděním zveřejňovat přepisy ze zasedání Federálního výboru pro volný trh (FOMC).

Přestože plnokrevná krize propukla až krachem Lehman Brothers v září 2008, bylo už v létě 2007 zřejmé, že na úvěrových trzích, které se začínaly chovat různými prapodivnými způsoby, se něco vážně zvrtlo. Mnozí představitelé Fedu si přesto zjevně nedokázali uvědomit význam dění, které se roztáčelo. Jeden guvernér vyjádřil názor, že Fed by měl pokládat za dobrou věc, že se trhy začínají obávat podřadných hypoték. Jiný tvrdil, že letní stres na trhu se nejspíš ukáže jako pouhé zaškobrtnutí.

Různí kritici se na tato prohlášení vrhají jako na důkazy, že Fed je nekompetentní a že jeho nezávislost je potřeba přinejmenším omezit. To je nesmysl. Ano, mohlo a mělo se postupovat lépe, ale pranýřovat výhradně guvernéry Fedu za to, že nerozeznali blížící se katastrofu, je absurdní.

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