Tajný jazyk centrálních bankéřů

„Připadá-li vám moje řeč nenáležitě jasná,“ sdělil Alan Greenspan svým politickým vládcům v Kongresu Spojených států, „pak jste ji museli špatně pochopit“. Psal se rok 1987 a čerstvě potvrzený šéf Federálního rezervního systému („Fedu“) právě vysvětloval, jak se během několika krátkých měsíců od doby, co se stal centrálním bankéřem, „naučil nadmíru nesouvisle mumlat“.

Pan Greenspan byl silným stoupencem víry – tedy alespoň v praxi, když už ne v teorii, neboť kdo by jeho teorii rozuměl? –, že centrální bankéři by měli hovořit nejasným a zašmodrchaným dialektem. Rada delfské věštírny králi Lýdie – „Zaútočíš-li na Persii, zničíš slavné království“ – je ve srovnání s ním zřetelnost sama.

Pro „greenspanštinu“ existoval jeden starý argument: voliči nebo politici, případně obojí jsou z podstaty věci neprozíraví a krátkozrací. Vždy rozeznají a chtějí využít výhody spojené s nižšími úrokovými mírami a poněkud vyšším poptávkovým tlakem – vyšší produkcí, vyšší zaměstnaností, vyššími mzdami a vyššími krátkodobými zisky. Zato však buďto nevidí, anebo jsou cynicky neteční k problémům stagflace, které nevyhnutelně následují. Podle Greenspanova vzdáleného předchůdce Williama McChesneyho Martina je úkolem centrální banky „uzmout misku s punčem [v podobě nízkých úrokových měr] dříve, než se večírek skutečně rozjede“.

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