Monday, January 24, 2011

Juros baixos: Transferência de riqueza entre quem poupa e os mais endividados (os que tiram partido da financerização)

Vatican bank chief issues warning about US, European economic policies

"Zero interest rates factually equal a de facto transfer of wealth from he who was a virtuous saver (although not for Keynes) to he who has become virtuously (for Keynes) indebted," he said. "Practically, it's about a hidden tax on poor savers, a tax transferred to the wealthy, (that is), over-indebted states, business people and bankers.”

Although the alternative to zero interest in such a situation is economic collapse and eventual default, the zero-rates "are not sustainable and are dangerous," Tedeschi warned.

"They destroy savings, which is an essential resource to create the base for bank credit; they promote speculation on real estate and securities, create illusory artificial values rather than scaling them down; they push consumption to more risky debt; they alter the market with artificial values and thus lead to belief that the very markets do not know how to correct themselves."

The biggest danger, Tedeschi said, is that zero interest rates "permit, or impose governments into management of the economy, without correcting inefficiency and facilitating distortions in the competition."

He warned that the greatest economic impacts may be on the way.


DavC said...

Peço desculpa por o comentário não ser ao post em si, mas já viu os primeiros episódios do debate Murphy-Krugman?

Muito interessante até agora

Eduardo F. said...

Por aqui se demonstra, mais uma vez, a sageza de uma organização milenar.