Ligadas à máquina

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É bom não esquecer, lembra Ken Rogoff hoje no Financial Times, que a recuperação do sistema financeiro que traz toda a gente encantada tem um custo:

"The fact is that banks, especially large systemically important ones, are currently able to obtain cash at a near zero interest rate and engage in risky arbitrage activities, knowing that the invisible wallet of the taxpayer stands behind them. In essence, while authorities are saying that they intend to raise capital requirements on banks later, in the short run they are looking the other way while banks gamble under the umbrella of taxpayer guarantees."

Como é lógico, isto não pode durar para sempre:

"It is good that the economy appears to be stabilising, albeit on the back of a vast array of non-transparent taxpayer subsidies to financial institutions. But this strategy must not be relied on indefinitely because it risks compromising the fiscal credibility of rich-country governments. "

Logo, a pergunta deve ser: como se comportarão as economias americana e europeia quando deixarem de estar ligadas à máquina?
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