{"id":20009,"date":"2011-11-21T00:00:00","date_gmt":"2011-11-21T00:00:00","guid":{"rendered":"https:\/\/crees.org.do\/?p=20009"},"modified":"2021-08-11T22:39:42","modified_gmt":"2021-08-11T22:39:42","slug":"el-tabu-aleman","status":"publish","type":"post","link":"https:\/\/crees.org.do\/?p=20009","title":{"rendered":"El tab\u00fa alem\u00e1n"},"content":{"rendered":"

Autor: Manuel Llamas<\/span><\/span><\/span><\/p>\n

Fuente: www.libremercado.com<\/span><\/span><\/span><\/p>\n

 <\/p>\n

Alemania sigue sin dar su brazo a torcer, al menos, por el momento. "Los que creen que el Banco Central Europeo (BCE) puede resolver como prestamista de \u00faltima instancia las debilidades de la zona del euro plantean algo que no puede funcionar", areng\u00f3 el jueves la canciller germana, Angela Merkel. "Mi posici\u00f3n en este punto es incre\u00edblemente s\u00f3lida". Por su parte, el presidente del Bundesbank, Jens Weidmann<\/a>, se\u00f1al\u00f3 al respecto que la entidad monetaria ya ejerce –al igual que todas– esta funci\u00f3n, pero tan s\u00f3lo para los bancos solventes que carecen de liquidez, nunca para financiar gobiernos, "ya que esto violar\u00eda el art\u00edculo 123 del Tratado de la UE". Seg\u00fan Weidmann, la prohibici\u00f3n expl\u00edcita de comprar directamente deuda soberana es "fundamental para garantizar la credibilidad y la independencia del banco central" y para "cumplir nuestro principal objetivo, la estabilidad de precios".<\/span><\/span><\/p>\n

A este respecto, Yves Mersch, presidente del Banco Central de Luxemburgo –y miembro del BCE–, a\u00f1adi\u00f3 recientemente que la monetizaci\u00f3n de deuda p\u00fablica equivale a "inflaci\u00f3n", y eso "no es viable" por varios motivos: emplear la inflaci\u00f3n para aminorar la carga de la deuda "reducir\u00eda los incentivos" que tienen los gobiernos para acometer las reformas precisas y cerrar el d\u00e9ficit fiscal; adem\u00e1s, esta din\u00e1mica "aumentar\u00eda los riesgos de alcanzar una inflaci\u00f3n mucho mayor en el futuro", pudiendo llegar a producirse, incluso, una "espiral incontrolable de salarios y precios".<\/span><\/span><\/p>\n

Llegados a este punto, si alguien a\u00fan se pregunta a qu\u00e9 se deben tales reticencias por parte de Alemania, tan s\u00f3lo es preciso echar un vistazo a su historia reciente. Losexperimentos monetarios<\/a> de esta \u00edndole constituyen un tab\u00fa fuertemente arraigado en la conciencia colectiva de los germanos debido a sus terribles secuelas. Durante los a\u00f1os 20, Alemania sufri\u00f3 una de las hiperinflaciones m\u00e1s brutales de la historia. La Rep\u00fablica de Weimar, la primera experiencia del pueblo germano con la democracia representativa, cay\u00f3 en el m\u00e1s profundo caos social y econ\u00f3mico tras poner en marcha una pol\u00edtica monetaria suicida, consistente en imprimir marcos para financiar directamente los gastos del Estado.<\/span><\/span><\/p>\n

El experimento termin\u00f3 en una aut\u00e9ntica pesadilla. El banco central lleg\u00f3 a emitir billetes de "billones" de marcos, cuyo valor real (capacidad adquisitiva) era inferior al del propio papel en el que se imprim\u00edan. Los ni\u00f1os esperaban a sus padres a las puertas de las f\u00e1bricas para recoger el salario –que se pagaba cada d\u00eda– e ir corriendo a hacer las compras b\u00e1sicas antes de que los precios se triplicaran con el paso de las horas. Los alemanes ped\u00edan tres cervezas de golpe al llegar al bar, ya que era com\u00fan que el precio de cada jarra se hubiera multiplicado al t\u00e9rmino de la primera consumici\u00f3n. La hiperinflaci\u00f3n lleg\u00f3 a tales extremos que para comprar una simple barra de pan era preciso emplear una carretilla llena de billetes para poder pagar. El dinero ya no val\u00eda nada y sol\u00eda emplearse para alimentar los fogones de las casas particulares.<\/span><\/span><\/p>\n

Los alemanes volvieron al trueque, el pa\u00eds retrocedi\u00f3 a los a\u00f1os m\u00e1s tenebrosos y oscuros de la Edad Media, la vida diaria se convirti\u00f3 en una aut\u00e9ntica pesadilla de ciencia ficci\u00f3n. Pero sus secuelas no s\u00f3lo fueron econ\u00f3micas, ya que esta tragedia propici\u00f3 el caldo de cultivo id\u00f3neo para el posterior ascenso y victoria del nazismo, con la consiguiente Segunda Guerra Mundial. Visto de este modo, se podr\u00eda afirmar, literalmente, que la hiperinflaci\u00f3n alemana caus\u00f3 millones de muertos en medio mundo y cicatrices que, sin duda, a\u00fan perviven en su pueblo. Lean When Money Dies: Lessons from the Great German Hyperinflation of 1923<\/a><\/em>, de Adam Fergusson, y entender\u00e1n por qu\u00e9 monetizar deuda sigue siendo tab\u00fa en Alemania, al menos hasta hoy –veremos por cu\u00e1nto tiempo m\u00e1s–.<\/span><\/span><\/p>\n

\n

Manuel Llamas<\/em><\/strong> es <\/em>jefe de Econom\u00eda de Libertad Digital y <\/em>miembro del Instituto Juan de Mariana<\/a>.<\/em><\/span><\/span><\/p>\n<\/div>\n

 <\/p>\n

<\/div>\n

<\/path><\/svg><\/i> Vistas Totales 576 , Vistas Hoy 1 <\/p>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Autor: Manuel LlamasFuente: www.libremercado.comAlemania sigue sin dar su brazo a torcer, al menos, por el momento. “Los que creen que el Banco Central Europeo (BCE) puede resolver como prestamista de \u00faltima instancia las debilidades de la zona del euro plantean algo que no puede funcionar”, areng\u00f3 el jueves la canciller germana, Angela Merkel.<\/p>\n

<\/div>\n

<\/path><\/svg><\/i> Vistas Totales 576 , Vistas Hoy 1 <\/p>\n

<\/div>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-20009","post","type-post","status-publish","format-standard","hentry","category-blog"],"yoast_head":"\nEl tab\u00fa alem\u00e1n | CREES<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crees.org.do\/?p=20009\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"El tab\u00fa alem\u00e1n | CREES\" \/>\n<meta property=\"og:description\" content=\"Autor: Manuel LlamasFuente: www.libremercado.comAlemania sigue sin dar su brazo a torcer, al menos, por el momento. 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