Paul Lachine

La segunda gran contracción

CAMBRIDGE – ¿Por qué todos siguen refiriéndose a la reciente crisis financiera como la "Gran Recesión"? El término, después de todo, se fundamenta en un peligroso diagnóstico erróneo de los problemas que enfrentan los Estados Unidos y otros países, que conduce a malos pronósticos y a malas políticas.

La frase "Gran Recesión" crea la impresión de que la economía está siguiendo los patrones de una recesión típica, sólo que de manera más severa – algo así como un resfrío muy fuerte. Es por eso que a lo largo de esta crisis, los expertos y analistas que han intentado hacer analogías con anteriores recesiones de posguerra de EE.UU. han errado tanto. Es más, demasiados diseñadores de políticas se han basado en la creencia de que, al fin y al cabo, esta es sólo una recesión profunda que puede ser doblegada mediante una generosa ración de herramientas convencionales de política, ya sea política fiscal o de rescates masivos.

Pero el verdadero problema es que la economía mundial esta gravemente sobreapalancada y no existe ninguna salida rápida sin un esquema para transferir riqueza de los acreedores a los deudores, ya sea a través de cesaciones de pago, represión financiera, o inflación.

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