Finanční mlha

Vojevůdci hovoří o „válečné mlze“ – o stavu fundamentální nejistoty, který charakterizuje boj. Nedávná krize úvěrů a likvidity odhalila podobný stav na finančních trzích, protože nikdo – dokonce ani centrální banky – podle všeho nerozumí její podstatě či velikosti.

Často se tvrdí, že to, co bývá označováno za krizi špatných hypoték, je výsledkem laxní monetární politiky, která vedla k nadbytku likvidity na finančních trzích. V tom se však skrývá zjevný paradox, protože jak může nadbytek likvidity nakonec vyústit v nedostatek likvidity, který musí centrální banky vyrovnávat?

Monetární laxnost může být příznakem nikoliv nadměrné likvidity, nýbrž nadměrných úspor. To se odráží ve zvyšující se nerovnosti příjmů ve velké části rozvinutého světa a v závratných přebytcích v ropných a asijských zemích. Vznik státních fondů v Číně a státech Perského zálivu, které investují úspory plynoucí z rozpočtového přebytku těchto zemí, je pouze špičkou ledovce nadměrných globálních úspor.

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