Newsgroup: it.politica.internazionale
Titolo: Bernanke Outlines Steps to Avoid Future Crises

Bernanke sembra una persona retta, a differenza di Greenspan.
Nonostante potesse evitare di farlo, grazie alla piaggeria dei governi 
mondiali, che si sono ben guardati dal puntare il dito contro il massimo 
responsabile di questa crisi: gli USA, sceglie di ammettere le gravi 
responsabilità del sistema finanziario americano nell'averne ideato e 
perseguito i presupposti.
Gli USA, che fungevano da controllore e da garante del sistema 
finanziario globale, hanno tradito la fiducia del Mondo.
La banda di criminali che ha preceduto l'amministrazione Obama ha barato 
per finanziare i suoi progetti di dominio: questa è l'amara verità che è 
stata portata alla luce dalla crisi, il brusco risveglio dal sogno, la 
disillusione di poter impunemente creare ricchezza dal nulla.
Tuttavia, col volume dei derivati che complessivamente ammonta a 12,5 
volte il PIL mondiale, ogni buona intenzione di Bernanke e di altri di 
riportare il sistema alla normalità suona come amara ironia.
Neanche si può pensare, come giustizia vorrebbe, che chi ha emesso i 
titoli falsi e ha goduto dell'incasso derivante dalla loro vendita se li 
riprenda, li riscatti ad un corrispettivo in valore reale da chi li ha 
acquistati.
Nessuno possiede un controvalore in beni reali sufficiente per farlo, 
nessuno crede che gli USA siano disposti a diventare un paese fantasma 
in nome della giustizia.
Forse, allora, è il momento di mettere mano a riforme radicali, di 
prendere atto che nessuna moneta è più garantita, che il mercato 
globalizzato non può più poggiare su una o più monete nazionali, su 
istituti di controllo gestiti da governi che hanno inevitabilmente delle 
priorità e degli interessi locali.
Se il mercato è diventato globale allora devono diventare globali anche 
gli istituti di emissione, di controllo, di regolazione: altrimenti il 
sistema o non si risolleverà o cadrà di nuovo al primo prevalere di 
interessi particolari.
Io credo che si debba pensare ad una moneta mondiale, che sia garantita 
da un istituto mondiale strutturato in modo che sia strutturalmente 
degno di fiducia, che consenta di riattribuire in breve tempo un valore 
reale agli asset di ogni attore che opera sul mercato.
---------------------------------
MARCH 10, 2009, 1:42 P.M. ET
Bernanke Outlines Steps to Avoid Future Crises
By BRIAN BLACKSTONE
WASHINGTON -- U.S. Federal Reserve Chairman Ben Bernanke on Tuesday 
outlined steps he thinks would help avert future financial crises, 
saying the time for such a longer-term discussion has come even as 
policy makers address the worst crisis since the 1930s.
In remarks to the Council on Foreign Relations, Mr. Bernanke also issued 
a mea culpa of sorts for the current global financial crisis on behalf 
of the U.S. and some other big economies that failed to "prudently" 
invest the rush of capital inflows that started more than a decade ago.
"The responsibility to use the resulting capital inflows effectively 
fell primarily on the receiving countries, particularly the United 
States," Mr. Bernanke said. The "failure" of the U.S. and other big 
economies to do so "has led to a powerful reversal in investor sentiment 
and a seizing up of credit markets," he said. (Read the full remarks.)
"In the near term, governments around the world must continue to take 
forceful and, when appropriate, coordinated actions to restore financial 
market functioning and the flow of credit," Mr. Bernanke said. In the 
U.S., officials are determined "to ensure that systemically important 
financial institutions continue to be able to meet their commitments," 
Mr. Bernanke said.
"Until we stabilize the financial system, a sustainable economic 
recovery will remain out of reach," he said.
Mr. Bernanke on Tuesday said that if the U.S. banking system stabilizes 
the recession should end later this year, with fairly strong growth 
returning in 2010. Responding to questions following the speech, Mr. 
Bernanke admitted that the recession has been surprising in its 
severity. Still, he said the economy will eventually recover given its 
underlying strengths, and that the main uncertainty is the timing.
Mr. Bernanke acknowledged that conditions could get much worse in labor 
markets, even if that isn't the baseline scenario. In stress tests 
regulators are conducting on balance sheets of big banks, officials have 
in place both a consensus forecast and a more adverse one that assumes 
unemployment averaging over 10%, Mr. Bernanke noted.
The U.S. unemployment rate was 8.1% last month, the government reported 
Friday, the highest in 25 years.
Officials view the more adverse scenario of double-digit joblessness "as 
being certainly well within the realm of possibility, but as a more 
adverse and less centrist kind of perspective on how the economy might 
evolve," Mr. Bernanke said.
But even as Mr. Bernanke and others focus on stabilizing markets in the 
short term, he signaled it isn't too early to consider longer-term 
reforms including -- in the U.S. -- putting responsibility for 
addressing possible systemic risks with one authority, such as the Fed.
He outlined four steps related to: systemically important and 
interconnected firms; financial infrastructure; regulation; and 
addressing systemic risks under one authority.
Referring to big interconnected firms, known as "too big to fail," Mr. 
Bernanke said "any firm whose failure would pose a systemic risk must 
receive especially close supervisory oversight of its risk-taking, risk 
management, and financial condition, and be held to high capital and 
liquidity standards."
Mr. Bernanke also suggested ways to address the "potential fragility" of 
money-market mutual funds. "One approach would be to impose tighter 
restrictions on the instruments in which money market mutual funds can 
invest, potentially requiring shorter maturities and increased 
liquidity," Mr. Bernanke said.
"A second approach would be to develop a limited system of insurance for 
money-market mutual funds that seek to maintain a stable net asset 
value," he said.
Officials should also consider changes to deposit-insurance funding, Mr. 
Bernanke said, such as raising reserve ratios in good times to create a 
buffer that can be drawn on in down times.
As for placing responsibility for overall systemic risk with one 
authority, Mr. Bernanke noted that "some commentators have proposed that 
the Federal Reserve take on the role of systemic risk authority" while 
"others have expressed concern that adding this responsibility would 
overburden the central bank."
Whether the Fed's right for the job depends on how Congress defines the 
role of the new authority, Mr. Bernanke said.
"As a practical matter, however, effectively identifying and addressing 
systemic risks would seem to require the involvement of the Federal 
Reserve in some capacity, even if not in the lead role," he said.
Separately, Mr. Bernanke said he doesn't anticipate deflation, which is 
a sustained period of outright price declines that cripples investment 
and spending.
Mr. Bernanke also defended the federal government's decision late last 
year to inject capital into banks, saying it stopped what would have 
been a "catastrophic" collapse in the banking system.
The Fed chief said he wouldn't support any suspension of mark-to-market 
accounting rules. But he acknowledged that in times like these the 
valuation of illiquid assets is an issue that needs to be addressed.
Write to Brian Blackstone at 
brian.bl...@dowjones.com

  strutturato in modo che sia strutturalmente degno di fiducia,
sul modello del governo cinese, magari.