Kořeny americké finanční krize

CAMBRIDGE – Snahy Federálního rezervního systému USA zadržet americké hospodářství před propadem jsou pozoruhodné přinejmenším ze dvou důvodů. Zaprvé, ještě před několika měsíci se všeobecně mínilo, že USA se recesi vyhnou. Teď to na recesi vypadá s jistotou. Zadruhé, opatření Fedu se jeví jako neúčinná. Přestože Fed srazil úrokové sazby a do prázdných kapes bank nasypal likviditu, krize se prohlubuje.

Ve skutečnosti americkou krizi do velké míry způsobil právě Fed, za pomoci Bushovy administrativy, která své uvažování podřizovala svým tužbám. Jedním viníkem nebyl nikdo jiný než Alan Greenspan, který současného předsedu Fedu, Bena Bernankeho, uvrhl do příšerné situace. Bernanke byl ale v Greenspanových letech guvernérem Fedu, takže ani on nedokázal narůstající problémy jeho politik správně diagnostikovat.

Dnešní finanční krize má své bezprostřední kořeny v roce 2001, v podloží konce internetového boomu a šoku z teroristických útoků z 11. září. Právě tehdy Fed otočil měnovými kohoutky ve snaze zakročit proti hospodářskému zpomalení. Fed do ekonomiky USA napumpoval peníze a svou hlavní úrokovou sazbu – sazbu federálních fondů – srazil z 3,5% (srpen 2001) na pouhé 1% (polovina roku 2003). Fed tuto sazbu příliš dlouho držel příliš nízko.

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