Muchas prisas para gastar y mucho tiempo para arrepentirse: el último

por Kenneth Rogoff

Cambridge – Cuando los pensamientos están centrados en los miedos a una nueva Gran Depresión del tipo de la del decenio de 1930, los políticos de los Estados Unidos han adoptado, casi de la noche a la mañana, un plan de rescate, que asciende a 700.000 millones de dólares, para resucitar el sector financiero del país, que está desinflándose rápidamente. El acuerdo final es un complejo ejemplo de ingeniería política y financiera cuyo efecto final es casi imposible de predecir. Sin embargo, hay razones válidas para mostrarse escéptico respecto de que sea la panacea con la que cuentan, literalmente, los mercados crediticios.

La ocurrencia fundamental del plan es la de que el ingenio gubernamental puede desentrañar el embrollo de las hipotecas de riesgo, que asciende a un billón de dólares, pese a que los propios científicos lumbreras de Wall Street han fracasado completamente al respecto. Además, se nos dice que el Gobierno es tan listo, que hasta podría obtener beneficios económicos de todo el asunto. Puede ser, pero conviene no olvidar que gran número de profesionales muy inteligentes del sector financiero pensaban lo mismo hasta hace muy poco.

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