Re: Disastro o cospirazione? Discussione sulla crisi economica in corso
Inviato da Descartes il 6/11/2008 22:33:28
Citazione:
Occhi aperti.
Nel frattempo anche i giornali economici iniziano a capire cosa sta succedendo:
Deflation: the new threat
Deep global rate cuts show that policymakers fear a drop in price levels, regardless of their brave words.
By Colin Barr, senior writer
NOVEMBER 6, 2008: 2:56 PM ET
NEW YORK (Fortune) -- Forget about inflation. The opposite threat - deflation - is what has policymakers sweating now.
Central banks across Europe slashed interest rates again Thursday. The Bank of England cut its policy rate to 3% from 4.5% - a cut three times as big as the market expected - while the European Central Bank trimmed its own rate by half a point, to 3.25%. The moves come a week after the Federal Reserve cut the Fed funds rate to 1%, touching the lows it set earlier this decade before the housing bubble took shape.
The cuts are remarkable because it was only four months ago that the ECB was raising interest rates to stem inflation fears tied to the surging prices of energy and food.
But since then, the deleveraging that has upended the financial sector has accelerated, and economic activity has slowed sharply. Policymakers have changed their tune accordingly, saying falling commodity prices will ease pressures for wage increases and support broad price stability.
"Really scared now"
The rate cuts are so severe, though, they suggest that the issue isn't the absence of fear about inflation. Rather, it's that bankers are worried that the destruction of trillions of dollars of wealth in the collapse of the housing and stock markets will stem demand for goods of all sorts, creating the kind of falling price environment not seen here since the 1930s.
Central bankers "are really scared now," says Lena Komileva, an economist at financial information broker Tullett Prebon in London. "It won't be long till deflation becomes an everyday concern."
Many economists say there's no reason well-managed modern economies should ever have to fret over the prospect of deflation - a drop in the money supply that, by making cash more valuable and lowering prices, slows economic activity and increases the debt burden on people and companies. As Fed chief Ben Bernanke infamously noted in a 2002 speech, a government pushed to the brink has a surefire remedy for falling prices: the printing press.
But the events of the past year have made clear that the mere threat of cranking out more currency isn't enough to restore debt-engulfed economies to equilibrium.[...]
fonte: Fortune
tibberio ha scritto:
Domenica c'e' la riunione dei capoccia europei e quella dopo del G20.
Occhi aperti.
Nel frattempo anche i giornali economici iniziano a capire cosa sta succedendo:
Deflation: the new threat
Deep global rate cuts show that policymakers fear a drop in price levels, regardless of their brave words.
By Colin Barr, senior writer
NOVEMBER 6, 2008: 2:56 PM ET
NEW YORK (Fortune) -- Forget about inflation. The opposite threat - deflation - is what has policymakers sweating now.
Central banks across Europe slashed interest rates again Thursday. The Bank of England cut its policy rate to 3% from 4.5% - a cut three times as big as the market expected - while the European Central Bank trimmed its own rate by half a point, to 3.25%. The moves come a week after the Federal Reserve cut the Fed funds rate to 1%, touching the lows it set earlier this decade before the housing bubble took shape.
The cuts are remarkable because it was only four months ago that the ECB was raising interest rates to stem inflation fears tied to the surging prices of energy and food.
But since then, the deleveraging that has upended the financial sector has accelerated, and economic activity has slowed sharply. Policymakers have changed their tune accordingly, saying falling commodity prices will ease pressures for wage increases and support broad price stability.
"Really scared now"
The rate cuts are so severe, though, they suggest that the issue isn't the absence of fear about inflation. Rather, it's that bankers are worried that the destruction of trillions of dollars of wealth in the collapse of the housing and stock markets will stem demand for goods of all sorts, creating the kind of falling price environment not seen here since the 1930s.
Central bankers "are really scared now," says Lena Komileva, an economist at financial information broker Tullett Prebon in London. "It won't be long till deflation becomes an everyday concern."
Many economists say there's no reason well-managed modern economies should ever have to fret over the prospect of deflation - a drop in the money supply that, by making cash more valuable and lowering prices, slows economic activity and increases the debt burden on people and companies. As Fed chief Ben Bernanke infamously noted in a 2002 speech, a government pushed to the brink has a surefire remedy for falling prices: the printing press.
But the events of the past year have made clear that the mere threat of cranking out more currency isn't enough to restore debt-engulfed economies to equilibrium.[...]
fonte: Fortune
Messaggio orinale: https://old.luogocomune.net/site/newbb/viewtopic.php?forum=46&topic_id=4492&post_id=129518