Spazzati via dall’onda del QE2

NEW YORK – Immaginate di entrare nella doccia, di aprire il rubinetto e di non vedere uscire l’acqua. Chiamate un idraulico che vi dice che ci sono dei buchi nei tubi e che la riparazione vi costerà 1.000 dollari. Gli rispondete che in realtà basterà alzare la pressione dell’acqua.

 Vi sembra ragionevole? Be’, è proprio questa la logica che si nasconde dietro la seconda ondata di quantitative easing- QE2 (alleggerimento quantitativo) e la strategia che prevede di mantenere vivo il flusso di denaro fino a quando le banche non concederanno di nuovo liberamente credito alle aziende.

Sicuramente non vi aspettereste che una logica simile possa funzionare nel caso della vostra doccia. Allo stesso modo, ci sono ben poche ragioni per pensare che possa funzionare anche nel mercato del prestito commerciale. Il meccanismo di emissione di credito negli Stati Uniti, e in qualunque altra parte, è stato seriamente danneggiato sin dal 2007. Per avere accesso al credito, le piccole e medie imprese statunitensi dipendono dalle banche di piccolo e medio taglio, ma la maggior parte di queste banche non sono in grado di concedere prestiti in quanto i loro bilanci sono oppressi da prestiti commerciali ed immobiliari risalenti agli anni del boom.

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