Skydive plane freefall risk USAJFKSWCS/Flickr

المخاطر المالية القديمة الجديدة

واشنطن، العاصمة ــ يبدو الخطر المالي الرئيسي الذي يواجه الولايات المتحدة اليوم مشابهاً إلى حد كبير للخطر الذي تسبب في إحداث قدر كبير من المتاعب في الفترة 2007-2008: الديون الكبيرة المثقلة بقدر أكبر مما ينبغي من الديون والتي تعمل برأسمال أقل مما ينبغي على دفاتر ميزانياتها العمومية. وكانت التنظيمات العالمية المتفاوتة، ناهيك عن القائمين عن التنظيم الذين كانوا في سبات عميق، سبباً في تفاقم هذا الضعف البنيوي.

لقد شاهدنا هذا الفيلم من قبل، ولم تكن نهايته سارة. وفي المرة القادمة قد يتحول إلى فيلم رعب أشد سوءا.

إن كل الطفرات مختلفة، ولكن كل أزمة مالية كبرى تكمن في صميمها نفس المسألة: تنزلق البنوك الكبرى إلى المتاعب وتترنح على حافة الانهيار. والارتباك في قلب أي نظام مصرفي يؤدي بالضرورة إلى شح الائتمان، مع ما يصاحب ذلك من تأثيرات سلبية كبرى على الاقتصاد الحقيقي. وفي عالمنا الحديث، حيث يرتبط التمويل ارتباطاً وثيقاً بمختلف قطاعات الاقتصاد، فإن العواقب قد تكون قاسية بشكل خاص ــ كما رأينا في عام 2008 وعام 2009.

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