La Crisi Globale da Uscita dall’AQ

NEW HAVEN – L'economia globale potrebbe essere nelle prime fasi di un'altra crisi. Ancora una volta, la Federal Reserve è nell'occhio del ciclone.

Mentre la Fed cerca di uscire dal cosiddetto alleggerimento quantitativo (AQ) - la sua politica senza precedenti di acquisti massicci di attività a lungo termine - molte delle più dinamiche economie emergenti improvvisamente si trovano in una morsa. I mercati valutari e azionari in India e Indonesia stanno crollando, con danni collaterali evidenti in Brasile, Sud Africa e Turchia.

La Fed insiste che non ha niente da recriminarsi - la stessa posizione assurda che ha preso a seguito della grande crisi del 2008-2009, quando ha sostenuto che il suo accomodamento monetario eccessivo non aveva nulla a che fare con le bolle del settore immobiliare e creditizio che hanno quasi spinto il mondo nell'abisso. Rimane impantanato nella negazione: Se non fosse stato per l’annientamento dei tassi di interesse che l’AQ ha imposto ai paesi sviluppati dal 2009, la ricerca di rendimenti non avrebbe inondato le economie emergenti con finanziamenti “hot money” a breve termine.

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