L’era della repressione finanziaria

TILBURG – A seguito della sua rielezione, il presidente degli Stati Uniti Barack Obama ha subito rivolto l’attenzione al crescente debito nazionale. Di fatto, quasi tutti i Paesi occidentali stanno attuando politiche finalizzate a ridurre – o almeno a frenare l’aumento – del volume del debito pubblico.

Nell’ormai famoso documento “Growth in a Time of Debt”, Kenneth Rogoff e Carmen Reinhart sostengono che, quando il debito pubblico supera il 90% del Pil, i Paesi patiscono un rallentamento della crescita economica. Il debito nazionale di molti Paesi occidentali è ora pericolosamente vicino, e in alcuni casi al di sopra di questa soglia critica.

In effetti, secondo l’OCSE, entro la fine di quest’anno, il rapporto debito nazionale/Pil dell’America salirà al 108,6%. Il debito pubblico nell’Eurozona si mantiene al 99,1% del Pil, e in testa si trovano la Francia, dove si prevede che il rapporto raggiunga il 105,5%, e il Regno Unito, dove raggiungerà il 104,2%. Anche la rigorosa Germania potrebbe avvicinarsi alla soglia del 90%, con l’88,5%.

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