全球市场的时间因素

巴塞罗那—最近几个月来,二分法渐成气候——一边是繁荣的金融市场,另一边是停滞的经济和陷入瘫痪的政治。但一个关键因素没有受到足够的关注——时间,以及谁掌握着时间。这一因素极有可能意味着当前愈演愈烈的矛盾得到有序的全球解决和回到更麻烦阶段的区别。

2013年第一季度,市场颇为活跃,这不难理解。大部分经济数据都确认,在经历了全球金融危机的重创后,美国经济正在恢复,并且恢复过程在加速。

整个序列已经被排好了。开始是大型跨国公司,在我的记忆中,它们的财务状况前所未有地好。规模较小的企业正在逐渐复原;银行已经重建了资本缓冲,削减了可疑资产;住房部门已经稳定;越来越多的家庭资产负债表正在恢复中,特别是在就业逐渐起色的情况下。

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