sabato 15 maggio 2010

Gli USA non prenderanno l'influenza greca.

Sulle colonne del New York Times Krugman si sente in dovere di spiegare ai suoi lettori che gli USA non sono la Grecia (e neppure lo diventeranno). Scrive Krugman:

(...) America isn’t Greece — and, in any case, the message from Greece isn’t what these people would have you believe. So, how do America and Greece compare?
Both nations have lately been running large budget deficits, roughly comparable as a percentage of G.D.P. (...) we have a much lower level of debt — the amount we already owe, as opposed to new borrowing — relative to G.D.P. (...) we have a clear path to economic recovery, while Greece doesn’t.
The U.S. economy has been growing since last summer, thanks to fiscal stimulus and expansionary policies by the Federal Reserve.(...)
Greece, on the other hand, is caught in a trap. During the good years, when capital was flooding in, Greek costs and prices got far out of line with the rest of Europe. If Greece still had its own currency, it could restore competitiveness through devaluation. But since it doesn’t, and since leaving the euro is still considered unthinkable, Greece faces years of grinding deflation and low or zero economic growth. So the only way to reduce deficits is through savage budget cuts, and investors are skeptical about whether those cuts will actually happen.
It’s worth noting, by the way, that Britain — which is in worse fiscal shape than we are, but which, unlike Greece, hasn’t adopted the euro — remains able to borrow at fairly low interest rates. Having your own currency, it seems, makes a big difference.
In short, we’re not Greece. We may currently be running deficits of comparable size, but our economic position — and, as a result, our fiscal outlook — is vastly better.
That said, we do have a long-run budget problem. 

Si torna a invocare la creazione di un fondo monetario europeo.

Le banche centrali devono rimanere indipendenti dal potere politico: due articoli su questo argomento sul Wall Street Journal che potete leggere qui e qui.

1 commento:

giovanni.gambino ha detto...

bello il fondo di Paul Krugman....davvero eccellente