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La Fed si prende gioco della politica?

CAMBRIDGE – Nel recente dibattito con il suo avversario Hillary Clinton, il candidato presidenziale repubblicano Donald Trump ha insistito sul fatto che il Presidente della Federal Reserve Janet Yellen è politicamente motivata. La Fed, sostiene Trump, sta applicando un’overdose di stimoli monetari per ipnotizzare gli elettori e far credere loro che la ripresa economica è in corso.

Non è un’idea del tutto folle, ma io non riesco proprio a capirla. Se la Yellen si ostina a mantenere i tassi di interesse in un congelatore, perché negli ultimi mesi sta cercando di promuovere tassi a lungo termine, insistendo sul fatto che la Fed rischia di alzare i tassi più rapidamente di quanto crede il mercato attualmente?

Ai banchieri centrali è stato detto ovviamente di aiutare le imprese prima delle elezioni, consentendo all'inflazione di salire e di mantenere l'occupazione in forte espansione. Durante la campagna per la rielezione del Presidente degli Stati Uniti Richard Nixon nel 1972, Nixon ha fatto una severa ramanzina al Presidente della Fed Arthur Burns sulla necessità di dare impulso all’economia per aiutarlo a sconfiggere il suo concorrente democratico, George McGovern. Nixon ha vinto clamorosamente, ma le politiche di Burns hanno avuto effetti sull'inflazione degli anni ‘70 a livello mondiale e hanno portato avanti la rottura del sistema post-bellico di tassi di cambio fissi. Gli effetti a lungo termine sono stati catastrofici.

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