Carta aberta a Paul Volcker

As férias têm disto, quando voltamos há sempre muita coisa para actualizar. Aqui deixo uma carta aberta de Antal Fekete a Paul Volcker, ex-presidente da FED e actual conselheiro do presidente Obama onde este explora as suas soluções para a crise que, muito provavelmente, cairão nas orelhas mocas do Keynesianismo.

E já que falo de Fekete deixo também o link para o seu mais recente artigo onde defende a sua tese deflacionista. Do artigo:

It follows that in combating deflation the Obama administration is resorting to measures that are ineffective, if not outright counter-productive. In particular, more government debt is poison for the economy. Its monetization by the Fed will only feed bullish bond speculation (and possibly bearish commodity speculation) while doing nothing to rebuild the impaired capital base of industry and finance. Bullish bond speculation is responsible for the falling interest-rate structure and destruction of capital. The economy needs to be stimulated, yes, but increased government spending is the wrong way to that goal. The right way is through stable interest rates, more savings, and the accumulation of more capital.

If it were not so tragic, one could rub in the irony that Keynesianism, in trying to push the world into the pit of inflation, has only succeeded in pushing it into that of deflation — the very same pit it was so anxious to avoid.