全球QE退出危机

纽黑文—全球经济或许正处于新一场危机的初始阶段。这一回,站在暴风眼的依然是美联储。

随着美联储试图退出所谓的量化宽松(QE)——其前所未有的大规模购买长期资产的政策——许多高飞的新型经济体突然发现自己被束缚住了手脚。印度和印尼的货币和股票市场出现了崩盘,巴西、南非和土耳其也显然受到了附带伤害。

美联储坚持认为它无可指摘——就像它在2008—2009年大危机期间的奇怪立场一样,当时美联储坚持认为其超常的宽松货币政策与几乎让世界陷入万劫不复的房地产和信贷泡沫没有关系。这一回,美联储依然是断然否认:2009年以来,如果不是QE压低了发达国家的利率,追逐收益率将不会导致新兴市场被短期“热”钱吞没。

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