Naslovnice izgledaju jezivo poznato: globalni rast posrće, dionice se srozavaju i profitne stope na obveznice perifernih zemalja vrtoglavo rastu. Dok se očekuje da krajem mjeseca Federalne Rezerve SAD-a uspore svoj program otkupa aktive, i dok izbijanje ebole i geopolitička nestabilnost zastrašuju investitore, svjetska tržišta vraćaju se u vrlo nestabilno stanje. „Tržišna patologija koju smo postupno upoznali tijekom krize 2008. vraća se“, pisao je nedavno Financial Times. Pitanje više nije hoće li biti nove krize, već gdje i kada će prvo udariti.
Sve se svodi na to da globalni finacijski slom 2008.-2009. i europska dužnička kriza 2010.-2012. nikada nisu u potpunosti riješeni. Nakon što su vlade isplatile ogromne svote za spašavanje sustava nakon sloma Wall Streeta, vodeće svjetske centralne banke jednostavno su prikrile preostale slabosti subvencioniranjem u osnovi propalih financijskih institucija u iznosima od bilijuna dolara, kupujući gomile toksične imovine i osiguravajući zajmove uz negativnu kamatnu stopu u nadi da će oživiti kreditni sustav i spasiti banke.
No umjesto rješavanja osnovnih problema strukturalne prezaduženosti, rekordne nezaposlenosti, neobuzdane nejednakosti i kako se čini beskrajne recesije, te su mjere samo dodatno pogoršale stvari. Kao prvo, stvorile su ogroman kreditni dug koji premašuje čak i onaj prethodni koji je gotovo potopio svjetsku ekonomiju 2008. Posljednji izvještaj Međunarodnog centra za monetarne i bankarske studije iznosi kako je ukupni svjetski dug – isključujući onaj financijskog sektora – porastao za 38% nakon kolapsa Lehman Brothersa, dosegnuvši tako novu povijesno visoku razinu. Prošle godine svjetski javni i privatni dug iznosio je 212% globalnog ekonomskog outputa, dok je 2008. iznosio 180%.
S ovim plimnim valom jeftinih kredita koji se prelijeva kroz svjetski financijski sustav, investitori su krenuli u potragu za najvišim profitnim stopama. Budući da su se američko tržište nekretnina i europsko tržište obveznica još uvijek oporavljali od posljednje krize, okrenuli su se trgovanju dionicama. Od sredine 2013. i sredine 2014. prosječni svjetski povrat na dionički kapital porastao je na enormnih 18 posto. Ekonomist s Yalea Robert Shiller pokazao je kako je „jaz između cijena dionica i korporativnih prihoda sada veći nego što je bio u prethodnim predkriznim periodima te da bi se tržišta vratila na normalne razine prihoda, prosječna svjetska tržišta dionica trebala bi pasti za oko 30%“.
U isto vrijeme, bilijuni dolara otišli su na nekretninska tržišta ekonomija u razvoju. U Brazilu su strana ulaganja u projekte urbane transformacije za Svjetsko nogometno prvenstvo i Olimpijske igre dovela do spekulativnog nekretninskog balona pri čemu su cijene stambenih nekretnina porasle za 80% između 2007. i 2013. U Turskoj je također obilan dotok stranih kredita potaknuo građevinski bum koji je dramatično transformirao urbani krajolik, uz nebodere, trgovačke centre i infrastrukturne megaprojekte koji niču po Istanbulu. U obje zemlje, rezultirajuća socijalna premještanja dovela su do kontinuiranih prosvjeda i društvenih nemira.
Međutim, majka svih kreditnih balona u tišini je rasla drugdje, u Kini gdje je vlada – u očajničkom pokušaju sprječavanja prelijevanja učinaka Velike Recesije – upumpala u ekonomiju kredite u vrijednosti preko 13 bilijuna dolara. To je stvorilo monstruozan neregulirani bankarski sustav u sjeni vrijedan 4.4 bilijuna dolara i nekretninski balon epskih proporcija koji je iza sebe ostavio gradove duhova koji se protežu diljem zemlje. Također je Kinu pretvorio u jednu od najzaduženijih zemalja u razvoju na svijetu, s nekontroliranim rastom ukupnog javnog i privatnog duga (izuzimajući financijske institucije) na 217% BDP-a prošle godine, s 147% BDP-a 2008.
Neregulirani bankarski sustav nije samo kineski problem. U SAD-u i Europi stvaranje duga sve više je produkt u bilancama nezavedenog posuđivanja od strane ne-bankarskih financijskih institucija poput hedge fondova, osiguravajućih kompanija, privatnih fondova kapitala i brokera. Taj bankarski sustav u sjeni uglavnom je nereguliran što omogućuje zajmodavcima preuzimanje mnogo većeg rizika nego što bi to mogle obične banke. Iz tog je razloga MMF upozorio kako svjetski bankarski sustav u sjeni vrijedan 70 bilijuna dolara predstavlja veliku prijetnju globalnoj financijskoj stabilnosti. U Sjedinjenim Državama aktivnost bankarskog sustava u sjeni doseže iznose 2 i pol puta veće od onih u konvencionalnom bankarstvu.
U međuvremenu zabrinjavajući znakovi pojavljuju se u Europi gdje su četiri godine štednje zarobile najveću svjetsku ekonomiju u iscrpljujuću deflatornu spiralu. Čak se i Njemačka, ekonomski pokretač EU, vraća u recesiju, dok je Grčka ponovno u središtu oluje nakon što je prošlog tjedna grčko tržište dionica bilo u slobodnom padu. Grčkim obveznicama sada se trguje daleko iznad 7%-tne oznake koju se 2011. smatralo „točkom bez povratka“. Izgleda da su investitori zabrinuti zbog zdravlja grčkih banaka, rastuće popularnosti stranke SYRIZA suprotstavljene mjerama štednje te vladinih planova o ranijem izlasku iz programa europske financijske pomoći kako bi se zaustavio rast popularnosti SYRIZA-e na anketama.
Kada se na sve to pridoda geopolitička nestabilnost u Ukrajini i na Bliskom Istoku, situacija se čini zrelom za još jednu rundu tržišne panike. Prije ili kasnije jedan od balona će puknuti, a posljedice neće biti lijepe. Ono što je ovoga puta drukčije jest to da je ukupna razina duga sada još veća i teže se s njom nositi nego što je to bilo 2008., dok su vlade - koje su već iskoristile većinu svojih fiskalnih i monetarnih mogućnosti tijekom proteklih šest godina - još manje sposobne za odgovarajuću reakciju. Još uvijek ne znamo kada ili gdje će sljedeća kriza udariti, no kada se to dogodi bit će velika. Ovoga puta moramo biti spremni.
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