14.9.09

Intervista a Joseph Stiglitz - "Stiamo peggio di un anno fa. Servono regole"

di Molinari Maurizio

Il Nobel: il sistema è rimasto fragile e le banche sono ancora più grosse

Servono nuove regole e in fretta, oggi a Wall Street la situazione è peggiore rispetto a un anno fa». Il premio Nobel per l’Economia Joseph Stiglitz dà un giudizio severo su quanto avvenuto dall’indomani del crollo della banca di investimenti Lehman Brothers: «Sembra che non abbiamo imparato nulla».

Perché ritiene che la situazione sia peggiorata?
«Per il semplice motivo che in America abbiamo banche assai più grandi di quelle che c’erano un anno fa mentre non abbiamo varato le regole necessarie per garantire una maggiore protezione del denaro dei risparmiatori e degli investitori».

Partiamo dalle banche «troppo grandi per fallire».
«Sono il pericolo più evidente. L’idea di avere delle banche "troppo grandi per fallire" si è rivelata nella crisi dello scorso anno il vero tallone d’Achille del nostro sistema finanziario. Hanno avuto comportamenti ad alto rischio. Ma cosa è avvenuto dopo la caduta di Lehman Brothers? Anziché farle diminuire di numero e dimensione, sono aumentate. Ci troviamo adesso di fronte a quattro-cinque istituti finanziari giganteschi, le cui dimensioni tengono in ostaggio l’intero sistema finanziario. E continuano a crescere, sommando percentuali da capogiro della quantità di mutui erogati e carte di credito emesse».

Qual è il problema connesso all’eccesso di dimensioni?
«L’assenza di controlli. Le dimensioni sono tali da renderli impossibili e il tutto si riduce a un assegno in bianco sulla gestione che, di fatto, gli viene dato dai regolatori. Aprendo la strada a eccessi, errori e sbandamenti che mettono a rischio i soldi degli investitori e la tenuta dell’economia».

Quali regole sarebbero necessarie?
«Quelle di cui il governo e la Federal Reserve parlano da tempo ma che continuano a non esistere e, anche quando ci sono, a non essere applicate. Servono maggiori controlli sui bilanci, sulle transazioni, sui movimenti, soprattutto a garanzie della liquidità delle banche. Ciò che portò al fallimento di Lehman Brothers fu l’eccesso e la simultaneità di tutte queste mancanze. Ebbene da allora è cambiato davvero poco».

Fu un errore far crollare la banca di Lehman Brothers?
«Avrebbero potuto esservi altre soluzioni. Si sarebbe potuto intervenire in maniera da scongiurare il rischio della crisi finanziaria che venne innescata da quel crollo. La scelta fatta all’epoca fu frettolosa, compiuta sotto la pressione del momento al fine di mandare un segnale a Wall Street sul fatto che gli eccessi del passato non sarebbero più stati consentiti. In realtà è avvenuto il contrario. Dunque sarebbe stato meglio evitare il crollo e intervenire con il bisturi per sanare le ferite finanziarie dove sono».

Dunque ritiene che nuovi crolli siano possibili?
«Certo che lo sono. Non c’è alcun dubbio in proposito. Siamo in una situazione di maggiore pericolo rispetto all’autunno 2008 perché il crollo di una delle banche "troppo banche per fallire" innescherebbe un terremoto di dimensioni maggiori. Il rischio che corriamo è che per salvare questi istituti finanziari potremmo trovarci presto nella condizione di dover sacrificare la riforma della Sanità oppure i fondi della "Social Security", la previdenza sociale. Il governo federale ha già immesso sul mercato volumi molto alti di denaro. In situazioni di pericolo potrebbe essere obbligato ad attingere alle risorse necessarie per realizzare le riforme di cui parla il presidente Obama».

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