Con un andar desgarbado hacia la cordura

BERKELEY – En los Estados Unidos hoy -y en el resto del mundo- los centristas de la política económica son objeto de acoso. El Instituto de Política Económica publica una encuesta que revela que los norteamericanos creen, de manera abrumadora, que las políticas económicas del pasado año han enriquecido enormemente a los banqueros del centro de Manhattan y del Canary Wharf de Londres (a decir verdad, ya no están concentrados en Wall Street o en la City de Londres).

En Estados Unidos, el bloque parlamentario republicano simplemente dice no: no a un gasto deficitario de corto plazo para darle trabajo a la gente, no a apuntalar el sistema bancario y no a una mayor supervisión o titularidad gubernamental de entidades financieras. Y los propios bancos volvieron a las andanzas de siempre: están ansiosos por bloquear cualquier reforma del sector financiero y confían en que los congresistas ávidos de aportes de campaña demoren y alteren el proceso legislativo.

No estoy diciendo que la política de los últimos años haya sido ideal. Si yo hubiera estado manejando las cosas hace 13 meses, el Tesoro y la Reserva Federal de Estados Unidos habrían dejado quebrar a Lehman y a AIG -pero habría descontado su deuda por efectivo a valor nominal, siempre y cuando la deuda también tuviera suficientes garantías accionarias-. Eso habría preservado el funcionamiento del sistema al mismo tiempo que castigaba duramente a los tenedores de acciones del sistema bancario y del sistema bancario paralelo, y hoy nadie estaría diciendo que sus prácticas de gestión de riesgo eran adecuadas y no necesitaban reforma. 

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