continuo a pensare che Bernanke e i suoi compagni di merende banksters stiano bleffando, cercando di creare piu' che altro le aspettative di inflazione (come disse nel discorso del 2002)
1) Lending comes first and what little reserves there are (if any) come later.
2) There really are no excess reserves.
3) Not only are there no excess reserves, there are essentially no reserves to speak of at all. Indeed, bank reserves are completely "fictional".
4) Banks are capital constrained not reserve constrained.
5) Banks aren't lending because there are few credit worthy borrowers worth the risk.
Reserves? There are no reserves. Indeed, reserves are best thought of as negative. Instead, in cases of "too big to fail", capital (not reserves), is supplied after the fact by taxpayers (not the Fed).
Thus, concern that excess reserves will lead to lending and inflation is totally unfounded in theory and practice.
Fractional Reserve Lending is really Fictional Reserve Lending. In practice, the major constraints to lending are insufficient capital and willingness of credit worthy borrowers to seek loans.
http://www.marketoracle.co.uk/index.php?name=News&file=article&sid=15998
acquisti dei treasury da parte della FED è una monetizzazione del debito.
