グローバル「ジェンガ」経済

今日はBen Bernanke FRB議長が米国下院でごにょごにょと何事か証言をしていた。ここに発言内容がある。

It was in this context of intensifying financial strains that, on March 13, Bear Stearns advised the Federal Reserve and other government agencies that its liquidity position had significantly deteriorated and that it would have to file for bankruptcy the next day unless alternative sources of funds became available.

This news raised difficult questions of public policy. Normally, the market sorts out which companies survive and which fail, and that is as it should be. However, the issues raised here extended well beyond the fate of one company. Our financial system is extremely complex and interconnected, and Bear Stearns participated extensively in a range of critical markets. The sudden failure of Bear Stearns likely would have led to a chaotic unwinding of positions in those markets and could have severely shaken confidence. The company's failure could also have cast doubt on the financial positions of some of Bear Stearns' thousands of counterparties and perhaps of companies with similar businesses. Given the exceptional pressures on the global economy and financial system, the damage caused by a default by Bear Stearns could have been severe and extremely difficult to contain. Moreover, the adverse impact of a default would not have been confined to the financial system but would have been felt broadly in the real economy through its effects on asset values and credit availability.

太線引いたところを意訳すると「ベアスタが潰れたら、世界経済がとんでもないことになっていたんだよ〜ん」、となる。

世界第一の経済規模を誇る国の投資銀行、それもつい数日前まで「経営に問題なし！」と威張っていたのが、潰れる寸前になって「ベンちゃん、助けて！」と泣きついてきて、しかも助けなかったら世界経済が壊滅的打撃を受けるかもしれないところだった...ということを、FRB議長は（ごにょごにょと）証言したわけだ。

正味三日で対応をしちゃったFRBはすごいといえばすごいけど、本当に解決できているのか？？　世界経済は「ジェンガ」みたいな状態になっているような気がしてならない。