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Richard
W. Fisher. President and CEO of the Federal Reserve Bank of Dallas
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Leo
el siguiente artículo:
Me
sorprende.
Leo
párrafos como el siguiente:
“………… como observó Richard Fisher, de la Fed de Dallas, en un
contundente discurso este miércoles: "Nadie en el comité sabe realmente
qué está frenando la economía. Nadie sabe realmente qué funcionará para
llevarla de nuevo a la senda del crecimiento. La misma gente que deseamos que
alimente el consumo y la demanda final creando empleo y expandiendo la
inversión empresarial no está respondiendo a nuestras iniciativas de política
como debería según sugiere la teoría".
Voy
a la fuente original:
Speeches by Richard W. Fisher
Comments to the Harvard Club of New York
City on Monetary Policy (With Reference to Tommy Tune, Nicole Parent, the FOMC,
Velcro, Drunken Sailors and Congress)
Remarks before the Harvard Club of New
York City
New York, N.Y. · September 19, 2012
………… The truth, however, is that
nobody on the committee, nor on our staffs at the Board of Governors and the 12
Banks, really knows what is holding back the economy. Nobody really knows what
will work to get the economy back on course. And nobody—in fact, no central
bank anywhere on the planet—has the experience of successfully navigating a
return home from the place in which we now find ourselves. No central bank—not,
at least, the Federal Reserve—has ever been on this cruise before.
………… Certain theories and various
hypothetical studies and models tell us that flooding the markets with copious
amounts of cheap, plentiful liquidity will lift final demand, both through the
“wealth effect” channel and by directly stimulating businesses to expand and
hire. And yet from the perspective of my watch station—as I have reported time
and again—the very people we wish to stoke consumption and final demand by
creating jobs and expanding business fixed investment are not responding to our
policy initiatives as well as theory might suggest.
La
productividad marginal de la deuda es un capataz sin imaginación. Insiste
constantemente que la deuda debe estar justificada por un incremento mínimo en
el PIB. Porque, de otro modo, se entra en el círculo vicioso de la destrucción
de capital. Al principio no hay signos aparentes de problema alguno. Pero las
semillas de destrucción han echado raíces de forma inevitable e invisible y
llegará un momento en el que detendrán el crecimiento y la producción.
The marginal productivity of debt is an
unimaginative taskmaster. It insists that new debt be justified by a minimum
increase in the GDP. Otherwise capital destruction follows ― a most vicious
process. At first, there are no signs of trouble. If anything the picture looks
rosier than ever. But the seeds of destruction inevitably, if invisibly, have
sprouted and will at one point paralyze further growth and production.
