QUEM SÓ TEM UM MARTELO VÊ TODOS OS PROBLEMAS COMO PREGOS: O alívio quantitativo aliviará? (50) O clube dos incréus reforçou-se (XV)

Outras marteladas e  O clube dos incréus reforçou-se.

Até na Economist, durante 7 ou 8 anos um bastião da defesa do intervencionismo dos bancos centrais e dos poderes miraculosos das políticas monetárias de alívio quantitativo e de taxas de juro nulas ou negativas, a fé começa a fraquejar. Ora confira-se este trecho de um artigo com o título sugestivo «Who's scary now?»:

«Central banks have been the biggest factor in the market’s transformation. After the crisis, they turned to quantitative easing (QE), ie, expanding their balance-sheets by creating new money in order to buy assets. The collective balance-sheets of the six most active (the Federal Reserve, Bank of Japan, European Central Bank, Swiss National Bank, Bank of England and People’s Bank of China) have grown from around $3 trillion in 2002 to more than $18 trillion today, according to Pimco, a fund-management group. These central banks want to lower bond yields—indeed, the Bank of Japan intends to keep the ten-year Japanese bond yield at around 0%. Instead of acting as vigilantes patrolling profligate politicians, central banks have become their accomplices.»