Comparto comentario en Sound Money Project sobre lo que es un asimetría en los argumentos a favor de la banca libre en general.

For some time now, a lot of attention has been put on the Federal Reserve’s decision on whether or not to increase the federal funds rate target or to leave it unchanged at its current level. The health of the U.S. economy (and a significant part of the world economy) seems to depend whether or not the FOMC decides to hike the Fed funds target, an overnight rate that U.S. banks charge each other (up to 0.25%.)

When the economy needs to be fixed, it seems that the federal funds rate is enough to do the trick. Investment that depends on long-run interest rates rather than short-run interest rates can be indirectly affected by the very short run interest rates that banks charge each other. This requires one to assume that such short-run interest rates have much more power than one might think as they can have a very real effect on the economy. Otherwise, why would so many central banks around the world target short-term interest rates of one kind or another? An increase by just 0.25% of the federal funds rate can be so powerful that FOMC members often hesitate to raise target rates. It could be too much for the economy.

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