Az eltecon linkel Jeffrey Sachs írására az aktív gazdaságpolitika hátulütőiről:
When financial turbulence hit in 1997 and 1998—the Asian crisis, the Russian ruble collapse and the failure of Long-Term Capital Management—the Fed increased liquidity and accidentally helped to set off the dot-com bubble. The Fed eased further in 1999 in anticipation of the Y2K computer threat, which of course proved to be a false alarm. When the Fed subsequently tightened credit in 2000 and the dot-com bubble burst, the Fed quickly turned around and lowered interest rates again. The liquidity expansion was greatly amplified following 9/11, when the Fed put interest rates down to 1 percent and thereby helped to set off the housing bubble, which has now collapsed.
[…]
[W]e should stop panicking. One of the reasons we got into this mess was the Fed’s exaggerated fear in 2002 and 2003 that the U.S. was following Japan into a decade of stagnation caused by deflation (falling prices). To avoid a deflation the Fed created a bubble. Now the bubble has burst, and we’ve ended up with the deflation we feared!
Emlékeztet egy rövid, de annál velősebb réges-régi japán történetre:
Valaki egyszer azt javasolta, a gazdaság problémáit részletesen át kellene tekinteni. De egy másik ember erre azt felelte, hogy ez egyáltalán nem lenne jó.
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