Tvrdé přistání globální ekonomiky je neodvratné

Globální tíseň likvidity a úvěrové schopnosti, která začala letos v srpnu, se v posledních týdnech přiostřila. To lze snadno doložit: ve Spojených státech, eurozóně a Velké Británii jsou rozpětí mezi úrokovými sazbami LIBOR (za nichž si půjčují banky navzájem) a úrokovými sazbami centrálních bank – jakož i státních dluhopisů – mimořádně vysoká a od začátku krize vzrostla. To signalizuje podrážděnost a nedůvěru mezi protistranami.

Jistěže, významné centrální banky nalily do komerčního bankovního sektoru desítky miliard dolarů likvidity a Federální rezervní úřad USA, Bank of England a Bank of Canada snížily úrokové sazby. Zhoršující se finanční poměry ale dokazují, že tato politická reakce bídně selhala.

Není tedy divu, že centrální banky jsou tváří v tvář nejvážnější krizi od nástupu finanční globalizace čím dál zoufalejší. Nedávné ohlášení koordinovaných injekcí likvidity ze strany Fedu a čtyř dalších významných centrálních bank je, upřímně řečeno, příliš málo příliš pozdě.

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