De verleiding van de centrale bankiers

WASHINGTON, DC – Het banksysteem is de achilleshiel geworden van de meeste centrale bankiers. Dit lijkt misschien paradoxaal, want het woord “bank” staat in hun taakomschrijving. Maar de meeste mensen die momenteel aan de top staan van onze centrale banken hebben hun carrières in de jaren tachtig en negentig opgebouwd, toen de inflatiedreiging nog steeds zeer reëel was, dus dit – en niet zozeer bankregulering en -toezicht – blijft voor hen een belangrijk punt van intellectuele en praktische zorg.

Bovendien is de noodzaak om een mogelijke ineenstorting van de productie te voorkomen voor veel centrale bankiers de afgelopen vijf jaar een vormende ervaring geweest, inclusief de noodzaak om te voorkomen dat de prijzen zouden dalen. Zij hebben dit doel grotendeels bereikt door de kredietmogelijkheden te verruimen, ongeacht de gevolgen die dit zou kunnen hebben voor de structuur van de banksector of de prikkels die daarin een rol spelen.

Het is geen verrassing dat de hedendaagse centrale bankiers zich onderdanig blijven opstellen jegens de bestuurders van grote particuliere banken. De centrale banken hebben veel controle over de geldvoorraad van een economie, en zij kunnen de rente over een breed spectrum van leningen en effecten beïnvloeden. Maar het zijn de particuliere banken die zich met het daadwerkelijke lenen bezighouden, terwijl zij ook de verantwoordelijkheid dragen voor belangrijke dimensies van de manier waarop de financiële markten opereren.

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