7/28/2019 La Fed elimina la tica del ahorro

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Ni Dgc gnh`hli ni thfi cgn iekrrk 9

Ni Dgc gnh`hli ni thfi cgn iekrrk

ks lhks cg ni Cgprgshl iprglchgrkl gl sgouhci qug iekrrir piri nks cis cg nnuvhi lk gri

inok qug ulk gspgri eifgr. shlk ul rgquhshtk, Gn chfek sg krhohl fuilck ni `iykr pirtg cg ni

ogltg trimijimi gl gn fi`pk, X fuilck nnkvi nks fi`pks gstimil cg`ishick e`gcks fk`kpiri irir y gn oriljgrk %lk choi`ks nks tg`pkrgrks( lk oilimi chlgrk,

Qkr supugstk. h imugnk gri cgn thpk chnhogltg qug uthnhziri nks cis nnuvhksks piri eifgr gn

`iltglh`hgltk lgfgsirhk gl sus hlstru`gltks. hrilck fkl cgscl i ktrks oriljgrks qug nks cis

cg nnuvhi gstimil gl gn mir cgn pugmnk, Frgi qug sgouri`gltg ifimiril fkl nks hlstru`gltks

rktks fuilck gn skn rgipirgfhgri. nk qug ngs h`pgchril rgfkogr gn eglk,

Is qug ni hcgi cgn iekrrk lk gs lgfgsirhi`gltg gn rgtkrlk qug ulk rgfhmg pkr gn chlgrk qug sg

cgji i ul nick. shlk ni ifthtuc `gltin cg qug. fuilck gn thg`pk lk fkkpgri. gn iekrrickr thglg

inok fkl nk qug fumrhrsg, Qkr supugstk. ni iykri cg lksktrks lk tglg`ks qug prgkfupirlks pkrgn thg`pk,

Qgrk eifg ulks iks sg prkcujk uli tkr`glti gfkl`hfi y ufei ogltg lk ei tglhck trimijk.

nnugvi k eioi skn, Nks qug prgstirkl itglfhl in vhgjk chfek shl cuci eimrl fipgick ni tkr`glti

`gjkr qug nks qug lk, Ni iykri cg nks fklsgjgrks dhlilfhgrks rgfk`hglcil qug uli pgrskli

tgloi iekrrick gn gquhvingltg i trgs gsgs cg oistks vhtings %y inoulk chfgl qug i sghs. pkr fhgrtk(,

Qgrk fulti ogltg shouh gn fklsgjk;

Lk eiy lhlouli sinvgcic in fklsgjk qug chfg @iltgloi sghs `gsgs cg iekrrk sh gn chlgrk gst

prkcufhglck in `glks ul 4', Hlfnusk sh gn chlgrk sg qugci ie nustrksk. lk eifhglck oilir lici.

sg triti cg ni nhquhcgz y ni oirilti fkltri nk cgsfklkfhck,

Qkr cgsorifhi. uli chshpifhl cg ni chvhsi pkr gn milfk fgltrin shrvg piri iu`gltir nis prgdgrglfhis

tg`pkrings cg ni ogltg y chdhfuntir su juhfhk, Gl ul pkst rgfhgltg. yk cgstifimi gn fklsgjk cgn

fklsgjgrk vhtin y iutkr Jkel Q, Vtrgngfby. qug ifklsgji i ni ogltg oistir sus cgvknufhklgs dhsfings

gl uli gxpgrhglfhi qug rgfkrcirl shg`prg. gl nuoir cg iekrrk nks pkfks fhgltks k `hngs cg

cnirgs qug Eifhglci pugci cgvknvgrngs,

Thvg eky tu vhci. chfg gn fklsgjgrk vhtin: ulks pkfks `hngs lk vil i h`pkrtir cg tkcis

dkr`is, Gsfrhm gl gn @hsgs Mnko piri ipultir nk rhcfunk cg gstg fklsgjk, Qgrk ni `iykri cg nks

qug fk`gltirkl sg inhlgirkl fkl Vtrgngfby:

Frgk qug su fklsgjk gs gxiftk. in `glks cicis nis gstrgfegfgs cg nks thg`pks gl qug vhvh`ks,

Yu sglthck thglg iekrrir sh ni hldnifhl sg fk`gr tkck nk qug fklshois ifu`unir;

N

7/28/2019 La Fed elimina la tica del ahorro

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Ni Dgc gnh`hli ni thfi cgn iekrrk =

Vhougs nis rgonis cgn jugok, Gn frgfh`hgltk cg tus iekrrks sgr riquthfk cgmhck i nks pitthfks thpks

cg hltgrs. gnh`hlick pkr ni hldnifhl y fkldhsfick pkr uli gstick ripiz, Is qug. icgniltg. chsdruti

cgn chlgrk iekri. fuilck il thglg inol vinkr,

Ni `iykri cg ni ogltg rgin`gltg lk thglg ul nuoir `gjkr gl qug pklgr su chlgrk qug gl uli

gxpgrhglfhi pnifgltgri. qug in dhlin gs tkck nk qug quhgrgs,

Sglok qug gstir cg ifugrck fkl nks fk`gltirhks, Sin vgz lk sgil vhijgs u ktris gxpgrhglfhis,

Qgrk `g shglck `s sgourk fkl fksis qug shouhglck fkl mhnngtgs cg ni ]gsgrvi Dgcgrin,

Gs justk nk qug nks milqugrks fgltrings quhgrgl kr, Ngs prgkfupi ni cgdnifhl, Eifg ulks pkfks

`gsgs Feirngs Gvils. cg ni Dgc cg Fehfiok. cgfi:

@g pirgfg qug pkcri`ks fklsgouhr cg inouli dkr`i thpks cg hltgrs rgings `s mijks cg dkr`i qug gn

gxfgsk cg iekrrk rgspgftk cg ni hlvgrshl qug sg gst prkcufhglck sg rgmijg. sgri uli dkr`i cg gsth`unir ni

gfklk`i,

Nkrc Bgylgs gstimi prgkfupick fklstiltg`gltg pkrqug ni ogltg iekrrimi cg`ishick y fklsu`i

cg`ishick pkfk. cg ie ni lgfgshcic cg s chlgrk y `s miritk piri gsth`unir ni gfklk`i,

Mgrlilbg lk gs `s qug ul mugl bgylgshilk y sus thpks mijks gquhnhmril ni hltgnhogltg fugsthl cg

sh rglulfhir in fklsu`k,

X prkmimng`gltg lhlol jumhnick. fuilck sg vg imilcklilck gn `grfick nimkrin. phglsi gl thpks

cg hltgrs cgn 9' %k `glkrgs( cgltrk cg su pnilhdhfifhl cg dnujk cg fiji piri ni jumhnifhl, Glul irtfunk gl prh`gri pnili. gn _inn Vtrggt Jkurlin gfei uli `hrici i jumhnicks qug sg

glfugltril gl ni gxtrg`k grrlgk cgn phfk hltgltk cg ni ]gsgrvi Dgcgrin cg rgsfitir i ni

gfklk`i fkl chlgrk miritk,

Gn _VJ ipulti fkrrgfti`gltg qug nks mijks thpks cg ni Dgc eil shck uli oililfhi hlgspgrici pir

milfks y prgsti`hstis. pgrk ul prkmng`i piri quhglgs lgfgshtil ni rglti cg sus iekrrks piri vhvhr,

Ogltg qug pglsimi eimgr iftuick fkrrgfti`gltg. trimijick curk. iekrrick chlgrk y iekri

quhgrgl trilquhnhcic. sg vgl prgsis cgn plhfk fuilck nks dklcks cgn grfick klgtirhk lk ngs

cil `s cg =3 pultk mshfks, Gs ni cfh`i pirtg cgn lhvgn cg dhlings cg =11? y ni `s miji

rgohstrici cgscg 9878. hldkr`i gn Jkurlin,

Sil `inks skl nks thpks mijks h`pugstks pkr ni Dgc piri quhglgs tritil cg vhvhr cg sus iekrrks

pisicks qug gn pgrhkchsti @irb _ehtgekusg ipulti qug nks mijks thpks eifgl qug nks jvglgs lk

ouircgl dklcks piri gn duturk. yi sgi piri g`groglfhis k jumhnifhl, Nks trimijickrgs

gstickulhcglsgs pushgrkl glks chlgrk gl ifthvks dhlilfhgrks gl pisick ik qug gl lhlol ik

7/28/2019 La Fed elimina la tica del ahorro

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Ni Dgc gnh`hli ni thfi cgn iekrrk 6

rgohstrick. gxfgptk gl =118. fuilck ni ogltg rgsfit su chlgrk, X iulqug gn Cgpirti`gltk cg

Fk`grfhk choi qug gn lchfg cg iekrrk pgrsklin ei iu`gltick in 7.5'. gxpnhfi _ehtgekusg: Gstk

pisi gl mugli `gchci pkrqug fuglti rgcuffhklgs gl ni cguci pgrsklin. fk`k ehpktgfis y sincks

cg tirjgtis cg frchtk. fk`k iekrrks, Qgrk ni iykri cg ni rgcuffhl cg ni cguci. gsfrhmg

_ehtgekusg. sg ei prkcufhck pkr h`pioks gl nuoir cg pkr iekrrk,

Ni pknthfi cg thpks cg hltgrs cg ni Dgc ti`mhl nngvi i ni ogltg i tk`ir `s rhgsoks fkl sus

iekrrks cg nk qug cgmgril, Qkr gsk ni `iykri gsti`ks gl gn `grfick mursthn. pkrqug lk eiy

ktrk nuoir icklcg hr. chfg Jkel Nge`il. cg ?1 iks. qug prgdgrhri tglgr su chlgrk gl fgrthdhficks

milfirhks cg cgpshtk pgrk cgmg rgfurrhr i gspgfunir, Gspgrk qug `hs rgfursks lk sg ioktgl

iltgs cg qug ugri,

@ufeks sg jumhnil shl prfthfi`gltg lici, Cg ifugrck fkl II]Q. gn 94' cg nks gstickulhcglsgs

lk eil iekrrick lh ul curk piri ni jumhnifhl y fish ni `htic eil iekrrick `glks cg 71,111#,

Yuhglgs lk thglgl iekrrks skl s cgpglchgltgs cgn okmhgrlk qug ktrks fuilck kfurrg nk

hlgspgrick. yi sgi uli prchci cgn g`pngk k uli ivgri cg ni nivickri, Gn prkdgskr Qiun Filtkr lks

rgfugrci gl su irtfunk Eypgrhldnithkl ilc Eypgrrginhty: @ills Chskrcgr ilc Girny Vkrrkw qug

gn chlgrk gs uli dugltg gsglfhin cg gstimhnhcic. fklthluhcic y fkegrglfhi gl fuinquhgr

fk`ulhcic, Cg ie qug hltgrdgrhr gl ni kdgrti klgtirhi mshfi gs hltgrdgrhr fkl ul sglth`hgltk cg

vinkr cg uli fk`ulhcic,

Fuilck ni Dgc eifg qug nks iekrrks pirgzfil hlthngs y gn pnifgr hl`gchitk pirgzfi rifhklin. gn

`ulck sg ei hlvgrthck cg dkr`i chimnhfi, I sknk ul pisk cg ni ehpgrhldnifhl. nis iffhklgs cg nks

milfks fgltrings gstl i`glizilck fkl skfivir y chsknvgr tkck sglthck cg vinkr gl uli

skfhgcic,

Is qug ni hldnifhl shrvg piri iouchzir gn y drglthfk rht`k cg ni vhci kcgrli. cgskrhgltilck il

`s i ni ogltg y skfivilck fuinquhgr sglsifhl cg gstimhnhcic qug il pugcil tglgr. gxpnhfi

Filtkr,

Gl ni lkvgni cg @ill fhtici pkr Filtkr. gn krcgl skfhin sg hlvhgrtg in trilsdgrhrsg ni rhqugzi cg

quhglgs iekrrirkl chnhogltg`gltg tkci su vhci i nks gspgfunickrgs, Eky gl ci pisi fk`k gl ni

Ing`ilhi cg _hg`ir qug cgsfrhmg @ill. yi qug ni ogltg frgg hlthn ouircir ul pkfk cg chlgrk

iqu y inn y gl su nuoir sg shgltg kmnhoici k mhgl i gspgfunir k sh`png`gltg oistirsg tkck nk qug

thglgl cg nks muglks thg`pks,

X `hgltris qug nks jumhnicks `glfhklicks gl gn irtfunk cgn _VJ sg vgl pgrjuchficks

dhlilfhgri`gltg. Filtkr ipulti qug gn rgtritk cg ni ehpgrhldnifhl cg @ill cgsfumrg inok

pshfknohfi`gltg s cgmhnhtiltg qug kfurri gl ni oglgrifhl s ilfhili, Ni `pgtu. ng

fk`pkrti`hgltk cg inti prgdgrglfhi tg`pkrin pkr pirtg cg nks jvglgs pirgfg rifhklin gl ul

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Ni Dgc gnh`hli ni thfi cgn iekrrk 3

pgrhkck hldnifhklhsti. hgltris qug ni prucglfhi y gn fklsgrvicurhs`k pirgfgl lk sknk phltkrgsfks

shlk chrgfti`gltg hchktis,

Sin y fk`k cgsfrhmh @ill eifg tiltk thg`pk. gn `ulck cg ni hldnifhl gs ni hnushl cg rhqugzi.

frgici pkr ni h`prglti cgn okmhgrlk. chstkrshklilck tkck nk qug vg`ks y pgrvhrthglck lugstrk

juhfhk, Gltrgtiltk fklthlil nis nni`icis in gst unk. `hgltris lugstri funturi y vinkrgs sg

glthgrril mijk ul kltl cg pipgn,

Ckuo Drglfe