La crisis mundial de salida de la flexibilización cuantitativa

NEW HAVEN – La economía mundial podría estar en las primeras etapas de una nueva crisis. Una vez más, la Reserva Federal de EE.UU. se encuentra en el ojo de la tormenta.

A medida que la Fed intenta salir de la llamada flexibilización cuantitativa (QE, por su denominación en inglés) – la política sin precedentes para realizar compras masivas de activos de largo plazo – muchas economías emergentes de alto vuelo se encuentran de repente en una situación apretada e incómoda. Los mercados de divisas y los mercados de valores en la India e Indonesia se están yendo a la baja, lo que causa un daño colateral evidente en Brasil, Sudáfrica y Turquía.

La Fed insiste en su inocencia – tomando la misma posición absurda que adoptó después de la Gran Crisis entre los años 2008 y 2009, cuando sostuvo que su acomodación monetaria excesiva no tenía nada que ver con las burbujas inmobiliaria y crediticia, misma que casi empujó el mundo al abismo. La Fed se quedó agazapada en la negación, afirmando que si no fuera por la supresión de las tasas de interés que la flexibilización cuantitativa impuso a los países desarrollados desde el año 2009, la búsqueda de rentabilidad no habría inundado las economías emergentes con dinero “caliente” a corto plazo.

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