Martin Wolf-ek Ben Bernanke-z artikulu esanguratsu bat plazaratu berri du[1].
Hona hemen Wolf-en artikuluaren punturik garrantzitsuenak. Lehendabizi, akatsei dagokienez, bigarrenez, Wolf-en iruzkinak:
(i) Ben Bernanke-ren[2] ustez, egonkortasun handiagoa handitzeko, politika monetario hobe bat garrantzi handiko emailea izan ahalko zen.
(a) Baina Wolf-ek Hyman Minsky[3] ekonomialaria gogoratzen digu: “egonkortasunak ezegonkortasuna dakar[4].”
(ii) Bernanke-k subprime-ko hipoteken garrantzian kale egin zuen.
(b) Baina Wolf-ek dioenez, Bernanke beranduago akats horretaz konturatu zenean, kredituari eutsi zion, interes tasak merkeagotuz[5].
Wolf-ek etorkizunerako bi erronka aipatzen ditu:
(1) Nola konbinatu inflazioaren aurkako politika monetarioa finantza egonkortasunarekin?
(2) Nahiko egin ote da finantza sistema hauskor gutxiagokoa izateko?
Izan ere, honela bukatzen du Wolf-ek: “Bernanke-k eguna salbatu zuen. Baina atzean uzten ditu erabaki gabeko aferak: Bankugintza Zentralaren, diruaren eta finantzaren etorkizuna[6].”
Atzean utzitakoa oso garrantzitsua da. Hori dela eta, guk geuk MMT (Modern Money Theory), hots, DTM-eko fokapena hobetsi dugu, alegia, besteak beste, Warren Mosler, Randall Wray, Bill Mitchell eta Stephanie Kelton ekonomialariek eratu duten teoria berria. Lekukoa blog hau.
[1] Ikus http://www.ft.com/intl/cms/s/0/e8fa8154-7f82-11e3-94d2-00144feabdc0.html?siteedition=intl#axzz2yH4G5p6E.
[2] Ben Bernanke-z blog honetan, ikus https://www.unibertsitatea.net/blogak/heterodoxia/2014/02/02/ben-bernanke-eta-dirua-inprimatzea/.
[3] Hyman Minsky-z blog honetan, ikushttps://www.unibertsitatea.net/blogak/heterodoxia/2013/06/09/hyman-minsky/ eta
https://www.unibertsitatea.net/blogak/heterodoxia/2014/03/28/hyman-minsky-eta-krisia/.
[4] Ingelesez: “As the disregarded economist Hyman Minsky tried to tell us, stability destabilises. An active and enterprising financial system creates risk, often by raising leverage dramatically in good times.”
[5] Ingelesez: “… when it became evident that this judgment was in gross error, the Bernanke Fed acted decisively and effectively, slashing interest rates and sustaining credit. As panic-fighter Mr Bernanke followed the guidance of the great Victorian economic journalist Walter Bagehot, who urged unrestricted lending by central banks to solvent institutions in times of crisis.”
[6] Ingelesez: “Mr Bernanke will surely be regarded as one of the Fed’s most significant chairmen. Yet the fact that such hyperactivity was needed to save the world from economic ruin tells us how fragile was the bright new global financial system and how ill-judged the confidence in its stability. Mr Bernanke saved the day. But he also leaves behind unresolved questions about the future of central banking, money and finance. We should not forget them. They matter.”
