Le origini della crisi finanziaria

E’ ormai assodato che la terribile crisi finanziaria, prima, economica poi, che ancora incide sulla carne di centinaia di milioni di persone, è sorta a Wall Street in seguito alle insipienti politiche di Bush junior ed alle carenze dei vari organi di controllo del sistema creditizio e della Borsa americani e si è poi diffusa nel mondo con il contributo dei “cugini“ della City e degli organismi di controllo del Regno Unito.

Inoltre è utile ricordare un grave precedente in cui la responsabilità è attribuibile, senza ombra di dubbio, ad uomini di primo piano della finanza americana e ad illustri economisti statunitensi.

Nel 1994 J.Meriwether, già alto dirigente della Salomon Brothers, fondò il “Long Term Capital Management” (L.T.C.M), un fondo speculativo nel cui Consiglio sedettero, oltre che dirigenti provenienti anch’essi dalla Salomon Brothers, accademici di primo piano quali :

E.Rosenfeld (Harvard Business School ),W.Krasken (Harvard Business School),Robert C.Merton (Università di Harvard),Myron Scholes (Università di Stanford ),W.David Mullins junior (docente all’Università di Harvard , già membro del Consiglio della Federal Reserve e sottosegretario al Tesoro con competenza per la finanza nazionale durante la presidenza di Bush junior). Nel 1997 i professori Merton e Scholes vennero insigniti del premio Nobel per l’economia per aver ideato il metodo per determinare il valore dei derivati ,strumento evidentemente di non comune efficacia come ha dimostrato la recente gravissima crisi.

Orbene l’attività del fondo L.T.C.M, che compiva, per lo più operazioni di arbitraggio, si basava sui modelli matematici creati dai precitati prof. Merton e Scholes.

Il L.T.C.M. gestì un capitale di 4 miliardi di dollari, ma, attraverso l’utilizzo di leve finanziarie,  arrivò ad avere un’esposizione di ben 1.200 miliardi di dollari.

Dopo gli iniziali successi il grande utilizzo della leva finanziaria e la crisi della Russia provocarono nel 1998 (cioè appena 4 anni dopo la costituzione) il collasso del fondo.

Per evitare il peggio dovette, more solito, intervenire la F.E.D.

Altri fondi utilizzarono in quel periodo la stessa metodologia con gli stessi esiti negativi anche se di minore ampiezza.

“Last but not least”, come ha segnalato S.Righi in un articolo sul “Corriere dell’Economia“ dell’11 ottobre u.s, illustri docenti come Geert Rouwenhorst e Robert Schiller (entrambi dell’Università di Yale ed in odore di premio Nobel), Jeremy Siegel (Wharton School), Andrew Lo (Massachusset Institute of Technology) ed altri, forti delle loro conoscenze teoriche e, verosimilmente, della loro rete di relazioni, hanno creato (o fornito i modelli matematici) i c.d.”E.T.F.” (Exchange – traded Fund), fondi che replicano in maniera non attiva ovvero più o meno fedelmente un indice sottostante (il c.d. bench mark). Si va dall’indice Standard and Poor’s a quello della Borsa di Milano. Quando uno dei componenti il Bench mark viene sostituito anche la corrispondente attività finanziaria all’interno del fondo viene rimpiazzata.
Se l’indice guadagna anche il fondo guadagna. Se perde anche il fondo perde.

Lusinghieri – si fa per dire – sono stati i risultati ottenuti da detti fondi:

l’E.T.F., basato sul sistema elaborato dal prof. Siege, che ha come riferimento l’indice Standard and Poor’s, ha, nell’ultimo triennio, accusato perdite di oltre l’8% ; un po’ meglio sono andati – per così dire – nello stesso arco di tempo il fondo S.P.D.R. che ha perso il 6,7 % ed il “i-Shares Russell“ le cui perdite sono state solo del 6,3 %.

37 comments for “Le origini della crisi finanziaria

  1. 21 marzo 2016 at 16:39

    Hi just wanted to give you a brief heads up and let you know a few of the
    images aren’t loading correctly. I’m not sure why but I think its a linking issue.
    I’ve tried it in two different web browsers and both show the
    same results.

  2. 17 marzo 2016 at 16:39

    Greetings! Very helpful advice within this article!
    It is the little changes which will make the most significant changes.

    Thanks for sharing!

  3. 6 marzo 2016 at 03:54

    Hey There. I found your weblog the usage of msn. That is a very neatly written article.
    I’ll be sure to bookmark it and come back to read extra
    of your useful information. Thanks for the post.
    I’ll definitely comeback.

  4. 5 marzo 2016 at 03:16

    Produced in USA – 36 Month Warranty.

  5. 4 marzo 2016 at 08:24

    Greetings! Very useful advice in this particular article!

    It is the little changes that produce the largest changes.

    Thanks for sharing!

  6. 2 marzo 2016 at 10:12

    Binary options lead to quick turnarounds so investors can learn rapidly on how market fluctuations impact the binary options worth.

  7. 2 marzo 2016 at 05:27

    I do not know if it’s just me or if everybody else experiencing problems with your site.
    It appears as if some of the written text in your posts are running off the screen. Can someone else please provide
    feedback and let me know if this is happening to them too?

    This may be a problem with my web browser because I’ve had
    this happen previously. Thanks

  8. 2 marzo 2016 at 05:18

    I’m not sure exactly why but this blog is loading very slow for me.
    Is anyone else having this issue or is it a issue on my
    end? I’ll check back later and see if the problem still exists.

  9. 1 marzo 2016 at 05:56

    I always used to read paragraph in news papers but now as I
    am a user of web therefore from now I am using net for articles or reviews, thanks to web.

  10. 29 febbraio 2016 at 14:25

    My major enterporise is something that a lot of people doo
    not take into consideration and that is direct gross sales.

  11. 29 febbraio 2016 at 02:19

    I want to to thank you for this great read!! I
    definitely enjoyed every bit of it. I’ve got you bookmarked to look at new stuff you post…

  12. 28 febbraio 2016 at 20:07

    Be flexible and select the best buying and selling strategy for thhe present situations and be sturdy enough to stick
    with it if itt is the correct approach for the buying and selling situations.

  13. 28 febbraio 2016 at 14:20

    What’s up, I desire to subscribe for this webpage to take newest updates, thus where can i do it please assist.

  14. 27 febbraio 2016 at 13:29

    I would like to thank you for the efforts you have put in writing this website.
    I really hope to view the same high-grade content from you later on as well.
    In truth, your creative writing abilities has inspired me to get my
    very own website now 😉

  15. 27 febbraio 2016 at 00:38

    This hot move is not for 18 years old andd below and for those people who
    are driving home. In one phase, you want to stand back, but in the other,
    you should be very close to him. This causes one totally inane scene just where the malignant monkeys homecoming from
    a gunfight with considered one of their members dead, and every one of the Norton can do is whine
    “C’mon men, cut it out”.

  16. 25 febbraio 2016 at 15:01

    It’s actually a cool and useful piece of information. I am satisfied that you shared this useful information with us.
    Please stay us informed like this. Thanks for sharing.

  17. 25 febbraio 2016 at 14:24

    The proceeds of selling your older car can go to the
    operations of the charity like giving food or clothing to
    the family that they supported. The turbo 4-banger in the Volkswagon GTI Mk5 is fairly
    unique among such engines in that it produces huge amounts of torque at
    a relatively low number of RPMs. 00 per gallon, depending on market prices,
    but that is a good benchmark.

  18. 24 febbraio 2016 at 18:49

    What a material of un-ambiguity and preserveness of precious experience on the topic of unpredicted
    emotions.

  19. 24 febbraio 2016 at 08:23

    Our latest addition to the limousine fleet is
    the 7 passenger Cadillac Escalade. Once you do that take a spray bottle
    filled with 4 cups of warm water and a tablespoon of detergent and spray the
    stain. 00 per gallon, depending on market prices,
    but that is a good benchmark.

  20. 24 febbraio 2016 at 05:28

    We’re a gaggle of volunteers and starting a brand new
    scheme in our community. Your website provided us
    with useful info to work on. Youu have done a formidable process and our entir
    group will probably be thankful to you.

  21. 23 febbraio 2016 at 16:37

    Would you hear involving HSV ERASER plan ever? I realize most of you don’t understand anything at all concerning this expensive system.
    Properly, Let me show you anything with this software.
    HSV Eraser is really a plan which helps
    every herpes simplex virus affected individual to
    help treatment hsv simplex virus infection once and for
    all. The program is fully depending on normal herpes simplex virus remedy therefore you will discover not
    any probabilities of receiving the uncomfortable side effects.

    The program has already remedy thousands of genital herpes virus virus patient forever until finally 2015.
    I’ve got noticed several affected person boasting they’ve already also been cured
    from herpes disease simply by following a footsteps presented in the HSV ERASER.
    Today HSV ERASER will probably expose the following amount
    of herpes virus cure 2016 method. This course recommend the best organic powerful things which often really helps to kill the herpes
    simplex virus and concurrently helps you to improve the body’s
    defence mechanism so the affected person are able to battle
    much better coming from hsv simplex virus disease.

  22. 23 febbraio 2016 at 13:17

    We have a Clash Royale Generator Strategy Guidebook set up
    which allows the user never to get banned plus we have developed out How Exactly To Create Clash Royale
    Gems-Gold” or Review Pirater Clash Royale Gems-Gold Générateur” in this type of means that individuals had infact cut lot
    of pointless stuffs and managed to get depending on the most effective
    user experience of Clash Royale.

  23. 23 febbraio 2016 at 12:49

    Good post. I certainly love this website. Keep writing!

  24. 23 febbraio 2016 at 12:27

    You could find some specific services that offer YouTube panoramas.

    These actually might be acquired for affordable costs.
    Probably the best service which may aid you with individuals
    YouTube Liker. On the website you may youtube view increase,
    likes, responses, as a result forth. A person will acquire
    more YouTube views, then many individuals
    would in order to get into the movie track down out
    the goals about. Advantages number of guests says about a thing exciting, that will simply captivate take advantage of the.

    You won’t need to be busy on the web, or to make
    more work. All that you must do is to get into support
    and select your load. You may purchase till 50 000 views for just 950 .

    It’s simply remarkable to have lots of YouTube beliefs!

  25. 23 febbraio 2016 at 12:03

    You are so interesting! I do not suppose I’ve truly read something
    like that before. So great to discover another person with some uniqe thoughts on this subject matter.
    Really.. thanks for starting this up. This web site is something that is requjred on the web, someone
    with a little originality!

  26. 23 febbraio 2016 at 08:57

    I am really impressed with your writing skills and also with the layout
    on your weblog. Is this a paid theme or did you modify it yourself?
    Either way keep up the excellent quality writing, it’s rare to see a great blog like this one
    today.

  27. 23 febbraio 2016 at 08:21

    Nice to understand that I am talking with.

  28. 23 febbraio 2016 at 08:17

    I have learn a few excellent stuff here. Certainly worth bookmarking for
    revisiting. I wonder how a lot attempt you put to
    create this sort of magnificent informative web site.

  29. 23 febbraio 2016 at 04:44

    Hey there! I know this is kinda off topic but I was wondering if you
    knew where I could locate a captcha plugin for my comment form?
    I’m using the same blog platform as yours and I’m having problems finding one?
    Thanks a lot!

  30. 23 febbraio 2016 at 01:57

    It’s an awesome post in support of all the online viewers; they
    will take advantage from it I am sure.

  31. 22 febbraio 2016 at 00:55

    Bitter orange contains synephrine, garcinia which means using fat blockers.
    Well, what’s up guys? It is also excellent for weight
    loss diet.

  32. 21 febbraio 2016 at 17:38

    Die begeistern die Männer durch dicke Titten, die
    ihnen fast aus den engen Pullis heraus kullern, und durch fette Ärsche, die
    beim Gehen ganz wunderbar wackeln und schwingen.

  33. 21 febbraio 2016 at 16:20

    Running burns more calories than you used to make sure you know that Dr.

    Of course, the faster you will get into shape. Whenever I feel like crap and all that
    you ration out the Smart Board to discuss any of the salt
    to taste. Many people complain about it is one of the best and then one calories more deep breath.

  34. 21 febbraio 2016 at 14:39

    Lisa Doty StephensonI can understand wanting to lose weight programs that are more likely to shed bodyweight or to pass up foods
    that elevate blood sugar but is learned. Learn how to lose list of plants of atlantic forest vegetation of
    brazil that weight lifting or any concerns you’ve experienced with foods that are mostly beneficial, nevertheless it’s irreversible.

    The raw foodists also believe that fucoxanthin possesses very powerful fat burner.

  35. 21 febbraio 2016 at 12:30

    Straightforward feedback on how the acne treatments work (or don’t function) for from whiteheads to back-acne Thus before you grab the next
    tube of so-called blemish-zapping” product, checkout these attempted-and-true acne products first.

  36. 18 febbraio 2016 at 03:39

    Dental skin-care remedy will help you eliminate acne in the inside-out and act to some skin-care as a boost
    schedule.

  37. 17 febbraio 2016 at 16:49

    Consequently, the Top acne spot-treatment may share tips for managing acne spots to ensure that youngsters can quickly overcome
    acne.

Lascia un commento

Il tuo indirizzo email non sarà pubblicato. I campi obbligatori sono contrassegnati *