El juego de la confianza

CAMBRIDGE – El próximo mes marca el primer aniversario del colapso del venerable banco de inversión estadounidense Lehman Brothers. Su caída detonó el comienzo de una recesión global y una crisis financiera de proporciones no vistas desde la gran depresión de los años 30. Después de un año, billones de dólares en fondos públicos y muchas interrogantes y cuestionamientos entre las autoridades que formulan las políticas mundiales, ¿hemos aprendido las lecciones correctas? Me temo que no.

El consenso abrumador en entre los encargados de diseñar políticas es que si sólo el gobierno hubiera rescatado financieramente a Lehman, todo el asunto no habría sido más que un breve bache, en lugar de un ataque cardíaco. Tanto inversionistas famosos como importantes autoridades han opinado que en nuestra economía global ultra interconectada, jamás se puede permitir que una gran institución financiera como Lehman pueda quebrar. Sin importar lo mal que administre sus negocios -en esencia, Lehman se transformó en una compañía tenedora de bienes inmuebles totalmente dependiente de la continuidad de la burbuja inmobiliaria estadounidense-, los acreedores de una gran institución financiera siempre deberían recuperar el dinero que prestaron. De lo contrario, se socavará la confianza en el sistema y se desatará el caos.

Tras llegar a la brillante conclusión de que la reestructuración financiera se debe evitar a toda costa, los gobiernos del mundo han creado a su vez una enorme red de seguridad para los bancos (y para países enteros, en Europa del este), gracias a los dólares de los contribuyentes.

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