有边界的银行家

发自伦敦——等到马克·卡尼(Mark Carney)在2013年7月接替默文·金(Mervyn King)成为英格兰银行行长之后,我们就再也听不到后者诙谐幽默的公开发言了。我很喜欢他对圣诞期间零售业强劲数据的评论,这些数据对评估经济状况的重要性在他看来都值得怀疑。 “圣诞节的真正意义,” 他严肃地吟诵道,“要到复活节或更晚之后才能揭示。”(一语双关,暗指耶稣显圣和经济真相的最终昭示都需要时间)可见一份在舞台或圣坛上的新事业会非常适合他。

金被引用得最多的观点是“跨国银行机构因全球而生,却以国家而亡。”这些机构渗透各国边界进行全球交易,并不在乎资本和流动性的地理位置。可一旦环境恶化,即使这些损失产生于别处,却是其所在国监管机构和央行为之买单。同样地,一个破产银行可能会在第三国留下一个烂摊子,但其所在国内当局可能并不会出面收拾残局。

以冰岛各银行为例,它们把英国和荷兰的存款卷回雷克雅未克,却让两国去承担损失。同样,雷曼兄弟的倒闭将欧洲债权人置于比美国债权人更危险的境地,因为美国人的钱在一切结束前的那个星期五已经被汇回纽约了。

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