9 ottobre 2008

Perché il bailout non funziona

Come sempre ci aiuta a capirlo la lucidità di Robert Reich, che spiega il punto nella sua ovvietà: l'iniezione di liquidità non può nulla contro la crisi di fiducia.

This isn’t a liquidity crisis. It’s a crisis of trust. Lenders don’t trust that borrowers will be able to repay, because they don’t think borrowers will be able to collect on what’s owed to them. Every major player is moving to safer ground – holding money, hoarding it, putting it under a giant global mattress.

(...) The Fed and other central banks can pour endless money into the system but the problem is no longer just on the supply side. It’s now also on the demand side. Which means the federal government, as spender of last resort, has to jump start the economy, as do other governments. Now’s the time to start rebuilding our crumbling infrastructure – roads, bridges, levees, public transit. And help cash-starved state and local governments invest in their schools.

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