John Overmyer

Цена бездействия

БЕРКЛИ. Способны ли правительства разных стран мира спасти мировую экономику от глубокой и длительной депрессии? Три месяца назад я бы без всяких вопросов сказал «да». Теперь я уже не так сильно в этом уверен.

Проблема не в том, что правительства не знают, что надо делать. Стандартный список того, что нужно делать во время финансового кризиса во избежание глубокой и затяжной депрессии, был постепенно разработан в течение двух веков: главой Банка Англии Конелиусом Буллером в 1825 г., издателем газеты Economist эпохи королевы Виктории Вальтером Бейджготом, а также экономистами Ирвингом Фишером, Джоном Мейнардом Кейнcом, Милтоном Фридманом и многими другими.

Главная проблема такого времени, как нынешнее, заключается в том, что спрос инвесторов на безопасные, надёжные и ликвидные активы является слишком высоким (как и их стоимость), в то время как спрос на активы, поддерживающие и финансирующие продуктивный капитал экономики, слишком низок. Очевидным решением для правительств является увеличение количества наличных для удовлетворения спроса на безопасные, надёжные, ликвидные активы.

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