El lenguaje secreto de los banqueros centrales

"Si les doy la impresión de ser indebidamente claro", les dijo Alan Greenspan a sus amos políticos en el Congreso de Estados Unidos, "deben de haber malinterpretado lo que dije". Corría el año 1987 y el presidente recientemente confirmado de la Reserva Federal estaba refiriéndose a cómo había "aprendido a mascullar con una gran incoherencia" en los breves seis meses desde que "se había convertido en un banquero central".

Greenspan estaba profundamente convencido, en la práctica si no en la teoría -¿quién podría entender su teoría después de todo?- de que los banqueros centrales debían hablar en un dialecto opaco y enrevesado. En comparación, el oráculo en el consejo de Delfos al rey de Lidia -"Si atacan Persia, destruirán un gran reino"- es la claridad misma.

Existía un viejo argumento para el "Greenspanés": los votantes o los políticos o ambos son inherentemente cortos de vista y miopes. Siempre verían y querrían aprehender los beneficios de las tasas de interés más bajas y un poco más de presión de la demanda -más producción, más empleo, mayores salarios y mayores beneficios en el corto plazo-. Pero o no verían o serían cínicamente indiferentes a los problemas del estancamiento que inevitablemente vendrían después. La tarea del banco central, según el antecesor distante de Greenspan, William McChesney Martin, consistía en “retirar el recipiente de (bajas tasas de interés) antes de que la fiesta realmente se ponga buena”.

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