Teoría económica de alto riesgo

La posibilidad de que el Banco Central Europeo eleve los tipos de interés en el medio de una crisis financiera trae a la memoria el famoso discurso de "la cruz de oro" del gran orador estadounidense William Jennings Bryan en 1896. Refiriéndose al sesgo deflacionario del patrón de oro internacional, Bryan arremetió: “No colocarás una corona de espinas en la frente de los trabajadores. No crucificarás a la humanidad en una cruz de oro."

En otras palabras, no se debería hacer sufrir a la gente de la calle por el hecho de que las autoridades responsables estén empantanadas en alguna teoría económica fenecida.

Hoy, la teoría económica difunta es que un rápido cambio de preferencias -que de manera pintoresca se llama “un menor apetito por el riesgo”- es la principal razón detrás de la actual crisis financiera y de préstamos hipotecarios de alto riesgo. para evitar futuros aumentos de este apetito, las autoridades y los gurús financieros se han centrado en el así llamado “problema del riesgo moral”: los “tipos malos” tienen que pagar por sus errores, a menos que los repitan.

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