Los Bancos Centrales: una guía de supervivencia
Me ha gustado mucho un editorial del Financial Times de anoche titulado, traducido, como aparece al inicio de este hilo. Parece que anticipa lo que el gobierno USA esta preparando como un megaplan de salvamento para su industria financiera.
El texto original esta en:
Central banks: a survival guide
September 18 2008 19:33
http://www.ft.com/cms/s/0/cddf9e66-85ac-11dd-a1ac-0000779fd18c.html
Destaco dos parrafos (lo siento, pero no tengo tiempo de traducirlos, el que no se aclare puede tirar de Google Translate: http://translate.google.com/translate_t?hl=es&langpair=en|es#)
In essence, the world is witnessing an extreme shift in liquidity preference. People want to hold cash or securities only in the most secure and most accessible form, namely government liabilities. The government, which is the beneficiary of this shift in liquidity preference, must respond by engaging in a recycling operation on an enormous – indeed unlimited – scale. It must convince markets that sound businesses will not be allowed to disappear for lack of funding.
...
What are needed, instead, are emergency powers right now for the US government to recapitalise the financial system, perhaps by taking over bad assets. Precedents for such actions exist in other high-income countries, notably the handling of the Scandinavian banking crisis of the early 1990s and, albeit a smaller event, the savings and loans crisis in the US of the 1980s.
Such action will increase US government debt substantially, perhaps even by as much as 10 per cent of gross domestic product. Nobody knows the scale at present. The US government can, fortunately, afford this. Indeed, it cannot afford not to create the means to act in this way.
The follies of a generation of irresponsible financiers will fall on future generations of taxpayers. A price will have to be paid in fundamentally transformed and tightened financial regulation. But that is for another day. Today is about survival. Lenders of last resort must lend freely and they must do so right now.
El inicio del ultimo parrafo es para enmarcarlo:
Las locuras de una generación de irresponsables financieros caerán sobre las generaciones futuras de contribuyentes.