全球经济不可避免的硬着陆

最近几周以来,去年8月开始的全球流动性和信贷危机已经变得愈加严重。这一点并不难看到:在美国、欧元区各国和英国,伦敦银行同业拆放利率差价(银行间相互拆借的差价)和央行利率——还有政府债券——都极为高企,而且从危机一开始就不断向上攀升。这些信号背后隐藏着的是厌恶和不信任同伴的危险。

可以肯定的是,主要国家的中央银行已经为商业银行注入了成百上千亿美元的流动资金,而且美联储、英格兰银行和加拿大银行均已降低了利率。但日益恶化的金融环境表明这一政策调整根本没有起到应有的效果。

于是,各国央行在金融全球化势头出现以后最严重的一次危机面前越来越不顾一切丝毫也不值得大惊小怪。不客气地讲,美联储和其他四家主要央行最近宣布要联手注入流动资金的举措来得太晚,也太过微不足道。

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