美国财政危机的根源

坎布里奇——美联储为挽救美国经济免于衰退所做出的努力,至少从两个方面可说是令人惊叹。首先,直到最近几个月之前,传统的看法还以为美国不致陷入经济衰退。而现在,经济衰退看来已成必然。其次,美联储的行动似乎不大有效。尽管利率大幅下降,美联储也慷慨解囊,为急需现金的各家银行注入了充分的流动性,但危机却仍在不断的加深。

从很大程度上说,美国的危机实乃美联储一手造成,又被布什政府的一厢情愿地推波助澜。罪魁祸首则非艾伦·格林斯潘莫属,他为现任美联储主席本·伯南克留下了一个难以收拾的烂摊子。不过格林斯潘在任的那些年,伯南克已经是美联储的一名官员,他也没有正确地判断出美联储政策中所出现的日益严重的问题。

如今的财政危机的直接原因还应追溯至2001年,当时美国正面临着互联网繁荣的终结和911恐怖主义袭击的双重打击。正是在那时,美联储打开了货币龙头,企图以此来抵制经济增速放缓。美联储向美国经济注入大量现金,将其主要利率——美国联邦基金利率——从2001年8月的3.5%骤降至2003年中期的1%。美联储把利率降得太低,持续的时间也太过漫长。

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