Alex Wong/Getty Images

Politikaří Fed?

CAMBRIDGE – Republikánský prezidentský kandidát Donald Trump v nedávné debatě se svou soupeřkou Hillary Clintonovou trval na svém tvrzení, že předsedkyně Federálního rezervního systému USA Janet Yellenová je politicky motivovaná. Fed podle Trumpa aplikuje nadměrné dávky měnové stimulace, aby oblouzněným voličům namluvil, že dochází k hospodářskému oživení.

Není to úplně ztřeštěná představa, ale já nic takového nevidím. Jestliže si Yellenová usmyslela nechat úrokové sazby hluboce zmražené, proč se v posledních měsících snaží upevnit dlouhodobější sazby vytrvalým tvrzením, že je Fed pravděpodobně zvýší rychleji, než se trh v současnosti domnívá?

Centrální bankéři už samozřejmě předvedli, že držitelům moci umějí před volbami pomoci, když nechají stoupat inflaci a zaměstnanost vzkvétá. Americký prezident Richard Nixon během své kampaně za znovuzvolení v roce 1972 příkře mentoroval předsedu Fedu Arthura Burnse, že musí promazat soukolí ekonomiky, aby mu pomohl porazit demokratického vyzyvatele George McGoverna. Nixon sice halasně vyhrál, ale Burnsovy politiky přispěly ke spuštění celosvětové inflace 70. let a uspíšily rozpad poválečného systému pevných směnných kurzů. Dlouhodobé dopady byly katastrofální.

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