El próximo Bretton Woods

NUEVA YORK – El mundo está cayendo en una gran desaceleración que probablemente sea la peor en un cuarto de siglo y tal vez desde la Gran Depresión. Esta crisis estuvo “hecha en Estados Unidos” en varios sentidos.

Ese país exportó sus hipotecas tóxicas a todo el mundo bajo la forma de valores respaldados por activos. Los Estados Unidos exportaron su filosofía de desreglamentación de libre mercado cuyo alto sacerdote, Alan Greenspan, ahora admite que fue un error. Los Estados Unidos exportaron su cultura de irresponsabilidad corporativa – opciones de compra de acciones no transparentes, que fomentan la mala contabilidad que ha desempeñado un papel en esta debacle, como lo hizo en los escándalos de Enron y Worldcom de hace unos años. Y, por último, los Estados Unidos han exportado su deterioro económico.

La administración Bush por fin se decidió a hacer lo que todos los economistas le insistieron que hiciera: poner más capital en los bancos. Pero como siempre, el problema está en los detalles, y el Secretario del Tesoro de los Estados Unidos, Henry Paulson, puede haber logrado trastornar incluso esta buena idea; parece haber descubierto la manera de recapitalizar a los bancos de forma que el resultado no sea la reanudación del crédito, lo cual no presagia nada bueno para la economía.

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