Сомнительные последствия второго раунда «количественного послабления»

НЬЮ-ЙОРК. Представьте, что вы зашли в душ, включили воду, но вода не потекла. Вы вызываете водопроводчика, который говорит, что в трубах дыры и ремонт вам обойдется в 1000 долларов. Вместо этого, вы говорите ему увеличить давление.

Звучит разумно? Именно такая логика стоит за вторым кругом “количественного послабления” (QE2) Федеральной резервной системы Соединенных Штатов, за ее стратегией наполнения денежных труб, пока кредиты не начнут свободно течь от банков к бизнесу.

Вы, наверняка, не ожидаете, что это сработает в вашем душе, так же мало причин для того, чтобы ожидать, что это сработает и на рынке коммерческого кредитования. Механизм предоставления кредитов в США – да и везде – был серьезно поврежден с 2007 года. Малый и средний бизнес в США зависит от малых и средних банков, где он получает жизненно необходимые кредиты, однако слишком много таких банков продолжают оставаться зомби, неспособными выдать кредит, потому что их балансовые отчеты находятся в беспорядке из-за неудачных коммерческих и ипотечных займов, предоставленных в те годы, когда было процветание.

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