Colpevolizzare la Fed

FRANCOFORTE – I critici della Federal Reserve in questo momento se la ridono molto per le imbarazzanti rivelazioni emerse riguardo alle valutazioni del rischio effettuate dalla Banca alla vigilia della crisi finanziaria. Per legge, la Fed è tenuta a pubblicare le trascrizioni degli incontri svolti dal suo Comitato Federale del Mercato Aperto (Federal Open Market Committee -FOMC) a distanza di cinque anni.

Benché la crisi vera e propria non è esplosa prima del crollo della Lehman Brothers, nel settembre 2008, era già chiaro dall'estate del 2007 che c'era decisamente qualcosa di distorto sui mercati del credito, che cominciavano a comportarsi nei modi più strani. Tuttavia, con tutta evidenza, molti funzionari della Fed non sono riusciti a riconoscere il significato di ciò che stava accadendo. Uno dei governatori sosteneva che la Fed avrebbe dovuto considerare in modo positivo il fatto che i mercati iniziavano a preoccuparsi dei mutui subprime. Un altro affermava che le tensioni sul mercato del periodo estivo sarebbero state molto probabilmente un incidente di percorso.

Diversi critici usano tali dichiarazioni come prova del fatto che la Fed non è affatto competente, e che la sua indipendenza dovrebbe essere limitata, o peggio. Questa è una sciocchezza. In effetti, si sarebbe potuto e dovuto far meglio, ma è ridicolo processare i governatori della Fed per non aver saputo cogliere il sopraggiungere della catastrofe.

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