A Estupidez do FED, Juros Zero e a Porrada de Ronald McKinnon

Há um falso consenso em torno das políticas monetárias inflacionárias do FED e da contínua ruína econômica causada pelo governo Obama. Raramente temos acesso a vozes discordantes, pois os principais journals acadêmicos de economia são monopolizados pelos liberals gênios ivy league. Um artigo importante intitulado Zero Interest Rates in the United States Provoke World Monetary Instability and Constrict the US Economy escrito por Ronald McKinnon and Zhao Liu (2013), Review of International Economics, 21(1), 49–56 não comunga os erros sistemáticos cometidos pelas autoridades americanas. Ronald McKinnon, professor de Stanford, joga uma pá de cal no jabaculê FEDiano: "US officials point to the stagnant US economy as the reason they want to keep domestic interest rates as low as possible—even zero. They must be convinced that this common view is mistaken, and that raising short-term interest rates on dollar assets from zero to modest levels—say 2%—jointly with their peer central banks in developed countries is in America’s own best interests, as well as that of the rest of the world.The longer the Fed’s zero interest rate policy stays in place, the more difficult it becomes to get out of the resulting liquidity trap and restore a more normal flow of financial intermediation within the USA—so as to avoid the perpetual stagnation we now see in Japan, sometimes called “Japanization”"[p.56].