Jak vyléčit ekonomiku

NEW YORK – Hospodářský propad, který začal v roce 2007, přetrvává a všichni mají v hlavě očividnou otázku: Proč? Pokud lépe neporozumíme příčinám krize, nemůžeme zavést účinnou strategii zotavení. Doposud se nám nepodařilo ani jedno.

Bylo nám řečeno, že jde o finanční krizi, a tak se vlády na obou stranách Atlantiku zaměřily na banky. Stimulační programy byly vydávány za dočasný lék proti bolesti, který je potřebný k přemostění propasti do doby, než se finanční sektor zotaví a soukromé půjčky obnoví. Bankovní zisky a bonusy se sice vrátily na původní hodnoty, ale půjčky se navzdory rekordně nízkým dlouhodobým i krátkodobým úrokovým sazbám nezotavily.

Banky tvrdí, že půjčování zůstává omezené kvůli nedostatku důvěryhodných půjčovatelů v důsledku churavějící ekonomiky. A klíčová data naznačují, že mají alespoň zčásti pravdu. Velké podniky koneckonců sedí na několika bilionech dolarů v hotovosti, takže peníze nejsou tím, co by jim bránilo v investování a najímání zaměstnanců. Některé menší podniky – a možná jich je mnoho – jsou však v diametrálně odlišné pozici; jsou zbaveny prostředků, takže nemohou růst a mnohé z nich jsou nuceny se zmenšovat.

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