John Kenneth Galbraith
Breve historia de la euforia financiera
BREVE HISTORIA DE LA EUFORIA FINANCIERA JOHN KENNETH GALBRAITH
ÍNDICE Prólogo Capítulo 1 - El episodio de la especulación Capítulo 2 - Los denominadores comunes Capítulo 3 - Los casos clásicos I: la tulipamanía, John Law y la Banque Royale Capítulo 4 - los casos clásicos II: la burbuja Capítulo 5 - La tradición americana Capítulo 6 - 1929 Capítulo 7 - El regreso de octubre Capítulo 8 - Conclusión
PRÓLOGO Las ma Las mate teri rias as trat tratad adas as en este este libri librito to me han han inte intere resad sado o -han -han llegado a fascinarme- durante más de treinta años. Mi vinculación con ella ellass em empe pezó zó en 1954 1954,, cuan cuando do me co conv nven enci cier eron on para para escr escrib ibir ir una una historia del hundimiento de la Bolsa en 1929. El libro se publicó la prim primav aver era a sigu siguie ient nte. e. A me medi dida da que que iba iba escr escrib ibie iend ndo o me ca caut utiv ivó ó el abrumador sentido de gran tragedia, pero una tragedia de la que, sin embargo, puede uno disfrutar, pues lo único que se perdió fue dinero. El libro, El crac del 29, ha sido continuamente continuamente reimpreso reimpreso desde entonces: entonces: algo algo pare pareci cido do a un réc récord. ord. Cuan Cuando do las vent entas se tam amb bale aleaban aban,, rem remonta ontaba ban n por por efe efecto cto de una una nuev nueva a crisi risiss -a menud enudo o llam lamada ada corr co rrec ecci ción ón-- en los los me merc rcad ados os de valo valore ress o en algú algún n otro otro valo valorr de espe especu cula laci ción ón.. En una una hist histor oria ia del del dine dinero ro y, má máss reci recien ente teme ment nte, e, en narrativa de ficción, he vuelto sobre la predisposición especuladora y el alejamiento de la realidad que implica o, acaso para más precisar, de la pérdida de sensatez que conlleva. En las páginas que siguen, exploro en términos concretos la anatomía de esos episodios tal como se revelan a lo larg largo o de los sigl siglo os. Sus Sus carac aracte terí ríst stiica cas, s, sorp sorpre rend nde entem nteme ente nte constantes, se destacan aquí por su interés pero también, y aún más, como una exhortación a la cautela. Me preocupó especialmente hacer de este relato una advertencia, ya que Whittle Communications me ha procurado el público que yo más buscaría. Los ejecutivos y, por encima de todo, los hombres y mujeres vinculados al mundo de las finanzas, son quienes más precisan que se 1
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John Kenneth Galbraith
Breve historia de la euforia financiera
les llame la atención La euforia que conduce a la aberración mental extrema es un fenómeno recurrente que pone en peligro al individuo afectado, a la empresa en concreto y a la comunidad económica toda. Además, como subrayo en el texto, no hay una legislación muy clara a modo mo do de salv salvag aguar uardi dia a y prev preven enci ción ón;; tan tan sólo sólo pued pueden en ser ser útil útiles es la agudeza personal y el conocimiento público. No todo en este libro concitará el aplauso unánime. En cierta medida medida,, estas estas página páginass entran entran en confli conflicto cto con actitu actitudes des eco económ nómica icass consagradas. Utilizando una metáfora religiosa, tropiezan con la Iglesia institucionalizada. Demuestran que por desgracia el capitalismo -la libre empresa- lleva en su seno las semillas del deterioro recurrente. Esa reacción resultará gratificante en un sentido: Alfred Marshall, el profeta reverenciado de la economía neoclásica, afirmaba que nada debería temer tanto un economista como el aplauso. Hay otro asunto al que quisiera referirme especialmente. Alguno de los títulos de esta colección, al igual que las revistas, periódicos y docume documenta ntales les de televi televisió sión, n, incluy incluyen en public publicida idad. d. Deduzc Deduzco o que se ha expresado la idea de que, como consecuencia de lo anterior, el autor debe plegarse a los criterios de los anunciantes o del público al que estos últimos están tratando de persuadir. Espero que nadie crea en serio que el contenido de este texto refleja ese tipo de concesiones o imposiciones. En estricto rigor, ni siquiera debería plantearse semejante cosa. Ni hay ni debería haber mercado en el mundo para los frívolos servilismos de quienes sólo buscan someterse o agradar.
CAPÍTULO I EL EPISODIO DE ESPECULACIÓN Cualquiera, como individuo, es aceptablemente sensible y razonable; como parte de la multitud, de inmediato se convierte en un estúpido. FRIEDRICH VON SCHILLER, citado por Bernard Baruch
Sin duda, se convendrá en que la economía de libre empresa se entreg entrega a a episod episodios ios recurr recurrent entes es de especu especulac lación ión.. Éstos Éstos -suce -sucesos sos de pequ pequeñ eño o y gran gran alca alcanc nce, e, que que afec afectan tan a bill billet etes es de banc banco, o, valo valore res, s, propiedad inmobiliaria, obras de arte y otros bienes u objetos-, con el paso de los años y los siglos, forman parte de la historia. Los que no han sido sido sufi sufici cien ente teme ment nte e anal analiz izad ados os son son los los rasg rasgos os co comu mune ness a esos esos episodios, aquello que señala su seguro retorno y que, por lo mismo,
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John Kenneth Galbraith
Breve historia de la euforia financiera
sobre el aumento de los valores y de la riqueza, sobre la carrera para anticipar qué determina el alza de precios, y acerca del hundimiento que acab ac abar ará á prod produc ucié iénd ndos ose e y de sus sus tris triste tess y dolo doloro rosa sass secu secuel elas as.. La protección contra esto sólo radica en una clara comprensión de las cara ca ract cter erís ísti tica cass co comu mune ness de esta estass tray trayec ecto tori rias as haci hacia a lo que que podr podría ía considerarse, en términos cautelosos, como una locura colectiva. Sólo en ese caso el inversor queda advertido y a salvo. Sin embargo, existen pocas materias en las que esa advertencia sea tan mal recibida. Si la duración es breve, se dirá que se trata de un ataq ataque ue,, mo moti tiva vado do por por una una defi defici cien ente te co comp mpre rens nsió ión n o bien bien por por una una incontrolada envidia ante el sorprendente proceso de enriquecimiento. Si la duración duración es mayor, mayor, se considerará considerará una demostración demostración de la falta de fe en la sabiduría inherente al propio mercado. Lass ca La carac racte terí ríst stic icas as má máss obvi obvias as del del epis episod odio io de espe especu cula laci ción ón resultan de una claridad manifiesta para cualquiera que sea capaz de comprender. Cualquier artefacto o descubrimiento que parezca nuevo y deseable -los tulipanes en Holanda, el oro en Luisiana, la propiedad inmo inmobi bili liar aria ia en Flor Florid ida, a, las las ma magn gníf ífic icas as idea ideass de Ro Ronal nald d Re Reag agan an en materi materia a de ec econo onomía mía-- capta capta el pensam pensamien iento to financ financier iero o o, para para más prec precis isar ar,, lo que que pasa pasa por por tal. tal. El prec precio io del del obje objeto to de espe especu cula laci ción ón aumenta. Los valores, la tierra, las obras de arte y demás propiedades adquiridos hoy, mañana valdrán más. Este incremento y las perspectivas atraen a nuevos compradores, los cuales determinan una nueva alza. Entonces aún son más los atraídos, que también compran, y la subida continúa. La especulación se construye a sí misma y se proporciona su propio impulso. Una vez recono reconocid cido, o, este este proces proceso o result resulta a muy eviden evidente, te, sobre sobre todo después de los hechos. Pero también, aunque de manera más subjetiva, cuentan las actitudes de los participantes. Éstas toman dos formas. as. Por una part arte, están los convencidos de que alg alguna circunstancia de la nueva alza de precios está controlada, y esperan que el mercad mercado o contin continúe úe su trayec trayector toria ia ascend ascendent ente, e, acaso acaso con caráct carácter er indefinido. El ajuste a una nueva situación da lugar a un nuevo mundo de rendimientos y de valores resultantes que aumentan grandemente; se diría que hasta el infinito. También están aquellos que, supe superf rfic icia ialm lmen ente te má máss astut astutos os y por por lo gene general ral me meno noss nume numero roso sos, s, perc percib iben en o cree creen n perc percib ibir ir la disp dispos osic ició ión n de ánim ánimo o favo favora rabl ble e a la especulación en ese momento. Se disponen a cabalgar en lo alto de la ola. ola. Está Están n co conv nven enci cido doss de que que su geni genio o part partic icul ular ar les les perm permit itir irá á abandonar antes de que la especulación complete su ciclo. Obtendrán el máximo rendimiento mientras aquélla continúe, y se apartarán antes de
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John Kenneth Galbraith
Breve historia de la euforia financiera
rost rostro ro del del desa desast stre re.. Po Porr esta esta razó razón, n, am ambo boss grupos de partícipes en el episodio especulador están stán prog progra ram mados ados para para efe efectua ctuarr súbi súbito toss esfuerzos para escapar. Algo, da lo mismo que sea pequeñ pequeño o -aunqu -aunque e siempr siempre e será será objeto objeto de muchos debates-, desata el revés final. Los que estu estuvi vier eron on ca caba balg lgan ando do en la cres cresta ta de la ola ola deciden que ya es tiempo de retirarse. Quienes creyeron que el alza iba a ser indefinida, ven sus ilusiones bruscamente defraudadas, y también responden a la reali alidad recién revelada vendiendo o tratando de vender. Así, se produce el co cola laps pso. o. Y de este ste modo odo se co conf nfiirma rma la regl regla, a, apoy apoyad ada a en la experiencia de siglos: el episodio de especulación nunca termina con una lamentación y siempre con un choque violento. Habrá ocasión de comprobar cómo se cumple esta regla, tan frecuentemente repetida. Como ya he dicho, resulta clara, pero lo que se comprende menos es la psicología de masas y el ánimo especulador. Cuando la regla se entiende plenamente, permite a los afortunados salvarse del desastre. Sin embargo, dada la presión de esta psicología de multitudes, los que se salv salven en co cons nsti titu tuir irán án la exce excepc pció ión n a una una regl regla a muy muy am ampl plia ia pero pero difí difíci cilm lmen ente te elud eludib ible le.. Se verá verán n obli obliga gado doss a resi resist stir ir dos dos fuer fuerza zass impe imperat rativ ivas: as: una, una, el pode podero roso so inte interé réss perso persona nall que que se nutr nutre e de la cree creenc nciia eufó eufóri rica ca;; y la otra otra,, la pre presión sión de la opi opinió nión fina financ nciiera era gene general raliz izad ada, a, y al parec parecer er super superio ior, r, que que se basa basa preci precisam samen ente te en aquella creencia. Pero ambas prueban la sentencia de Schiller de que la multitud convierte al individuo del razonable buen sentido a la estupidez contra la que, como el mismo autor sostenía, «los propios dioses luchan en vano». Sólo unos pocos observadores han reparado, no obstante, en los intereses creados que perpetúan el error y que acompañan la euforia espe specul culado adora; ra; o sea, sea, que que ésta ésta se pre presen senta co com mo un fenó fenóm meno eno extrem extremadam adament ente e plausi plausible ble.. Los que se enreda enredan n en la especu especulac lación ión experimentan un incremento de su riqueza, o sea, que se hacen ricos o se enriquecen más. Nadie desea creer que eso es fortuito o inmerecido; todos prefieren considerar que es el resultado de su superior visión o intuición. De este modo el elevado incremento de los valores se apodera de los pensamientos y las mentes de quienes obtienen ganancias. La especu especulac lación ión acapara, acapara, en un sentid sentido o muy libera liberal, l, la inteli inteligen gencia cia de quienes se entregan a ella.
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John Kenneth Galbraith
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Sus colegas banqueros banqueros y las sociedades de inver inversió sión n denost denostar aron on en 1929 1929 a Paul Paul M. Warburg, Warburg, banquero y fundador fundador del sistema de Reserva Federal, por sus advertencias sobre la inminente posibilidad de un crac financiero.
Esto Esto es parti particu cula larm rmen ente te cier cierto to para para el prim primer ero o de los los grup grupos os señalados con anterioridad: el de los convencidos de que los valores van a subir permanente e indefinidamente. Pero así se ven reforzados los errores, inspirados por la vanidad, de quienes creen que vencerán en el jue juego go espec specul ulad ador or.. Mien Mientr tras as part partic icip ipan an,, se sien siente ten n fuer fuerte teme ment nte e impelidos, por razones pecuniarias, a creer tan sólo en la información personal, que les dice que aún va a haber más. En los últimos cien años, uno uno de los los má máss astut astutos os obse observ rvado adore ress de los los epis episod odio ioss de eufo eufori ria, a, comu co mune ness en ese ese perí períod odo, o, fue fue Wa Walt lter er Bage Bageho hot, t, escr escrit itor or de tema temass fina financ ncie iero ross y co con n anter anterio iori rida dad d dire direct ctor or de The Economis Economist t . A é l l e debemos la observación de que «todas las personas son tanto más crédulas cuanto más felices». Un elem elemen ento to que que refu refuer erza za extr extrao aord rdin inar aria iame ment nte e los los inte intere rese sess crea creado doss para para co conv nver erti tirl rlos os en eufo eufori ria a es la co cond nden ena a que que el públ públic ico o respetable y la opinión de los financieros dirige a quienes expresan duda o disentimiento. Se dice de ellos que, por falta de imaginación o en virtud de alguna otra limitación mental, son incapaces de captar las nuev nuevas as y lucr lucrat ativ ivas as circ circun unst stan anci cias as que que sust susten enta tan n y aseg asegur uran an el incremento de los valores. O bien que sus motivos resultan hondamente sospechosos. En el invierno de 1929, Paul M. Warburg, el banquero más respetado de su tiempo y uno de los padres del Sistema de la Reserva Federal, se refería críticamente a la por entonces floreciente orgía de «especulación sin restricciones», y predijo que si continuaba acabaría produciéndose un colapso desastroso y que el país habría de enfrentarse a una grave depresión. La reacción a estas declaraciones fue agria y llena de rencor. Se le acusó de sustentar puntos de vista superados y de que estaba estaba «atent «atentand ando o contra contra la prospe prosperid ridad ad americ americana» ana».. Era muy posible incluso que estuviera falto de recursos en el mercado. En esta respuesta había algo más que una sombra de antisemitismo.
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John Kenneth Galbraith
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La previsión del crac de 1929 que hizo el eco cono nomi mist sta a Roger oger Babs Babso on tuv tuvo como consecuenncia que las grandes comp co mpañ añía íass fina financ ncie iera rass de de aqu aquel el tiempo le atacaran despiadadamente.
Más adelante, en septiembre del mismo año, Roger Babson, una importante figura de la época que había repartido sus intereses entre las estadísticas, el estudio de mercados, la economía, la teología y la ley de la grav graved edad ad,, prev previó ió co conc ncre reta tame ment nte e un hund hundim imie ient nto: o: «P «Pue uede de ser ser terrible», manifestó. Se registraría una caída de 60 a 80 puntos en el Dow y, por consiguiente, «las fábricas cerrarán..., los hombres serán despedidos de sus trabajos..., el círculo vicioso girará a toda velocidad, y el resultado será una gran depresión en el mundo de los negocios». El pronóstico de Babson causó una brusca caída del mercado, y la reacción a él fue aún más furiosa que la suscitada contra Warburg. Se dijo que no debía tomarle en serio nadie que estuviera al tanto de la «not «notor oria ia inex inexac acti titu tud» d» de sus sus afir afirma maci cion ones es pasa pasada das. s. La impo import rtant ante e empres empresa a de agente agentess de Bolsa Bolsa neoyor neoyorqui quinos nos Hornbl Hornblowe owerr and We Weeks eks aconsejó a sus clientes, en una frase que obtuvo notable resonancia, que «no nos lanzaríamos de estampida a vender acciones por la gratuita predicción de una desdichada caída del mercado, formulada por un esta estadí díst stic ico o bien bien co cono noci cido» do».. Incl Inclus uso o el prof profes esor or Irvi Irving ng Fishe Fisher, r, de la Universidad de Yale, un precursor de la elaboración de números índices y, por lo demás, el economista más innovador de su tiempo, se refirió a Babs Babson on en térm térmiinos nos duro duros. s. Fue Fue una una lec eccción ión para ara todo todoss los que que permanecen callados y brindan un tácito apoyo a los que se entregan complacidos a sus eufóricas visiones. Si se me perm ermite, ite, y esper spero o que que con ell ello no incu incurr rra a en una una acusación demasiado severa de autocomplacencia, puedo aportar en este punto una experiencia personal. A finales del invierno de 1955, J. William Fulbright, por entonces presidente de la Comisión de Banca y Moneda del Senado, llamó la atención sobre una modesta iniciativa espe especu cula lado dora ra en el me merc rcado ado de valo valore res. s. Junt Junto o co con n Bern Bernard ard Baru Baruch ch
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John Kenneth Galbraith
Breve historia de la euforia financiera
incr increm emen ento to,, a efec efecto toss de prot protec ecci ción ón,, en los los requ requis isit itos os de ma marg rgen en (compr (compras as de accion acciones es a la baja). baja). Mientr Mientras as yo estaba estaba declar declarando ando,, el mercado sufrió un considerable desplome. En los los sigu siguie ient ntes es días días la reac reacci ción ón fue fue dura dura.. Ca Cada da ma maña ñana na,, el cartero llegaba abrumado con un cargamento de cartas que condenaban mis mis co come ment ntar ario ios: s: las las má máss radi radica cale less am amen enaz azan ando do co con n una una ac acci ción ón expe expedi diti tiva va de la CIA, CIA, y las las má máss suav suaves es info inform rmán ándo dome me de que que se elevarían preces para lograr mi merecidísima dimisión. Pocos días más tarde, me fracturé la pierna en un accidente de esquí, y los periodistas, al verme escayolado, difundieron la noticia. Entonces me llegaron cartas de los espe specul culador adore es dici dicien endo do que que sus sus orac oracio ione ness había abían n sido sido escuchadas. A mi modesta manera, había hecho algo en favor de la religión. Fijé las cartas más terminantes en un aula de Harvard donde se desarrollaba un seminario, para instrucción de los jóvenes. Por entonces el mercado ya se había recuperado, y mi correo volvió a la normalidad. En una ocasión de relevancia más inmediata, en el otoño de 1986, mi atención se fijó en la operación especuladora que por entonces tenía lugar en la Bolsa, las manifestaciones tipo casino en el program and los entu entusi sias asmo moss vinc vincul ulad ados os a esta esta situ situac ació ión n index index trading trading,, y en los emana em anado doss de la búsq búsque ueda da y ca capt ptur ura a de em empr pres esas, as, de co comp mpras ras de participaciones apalancadas y de la manía de fusiones y adquisiciones. The New York Times me pidió que escribiera un artículo sobre el tema, a lo que accedí más que complacido. Lamentablemente, cuando mi trabajo estuvo listo, la dirección del demasiado alarmante. alarmante. Yo había dejado claro que los Times lo consideró demasiado mercados se hallaban poseídos por uno de sus ya clásicos talantes eufóricos, y afirmaba que era inevitable un hundimiento, si bien eludía con todo cuidado cualquier predicción acerca de cuándo iba a suceder exactamente. A comienzos de 1987, The Atlantic publicó con agrado lo que el Times rechazara. (Más tarde, el Times cedió, y llegó a un acuerdo con los editores de The Atlantic para la publicación de una entrevista que incidía en gran parte del tema.) Sin embargo, hasta el hundimiento
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John Kenneth Galbraith
Breve historia de la euforia financiera
circunstancias que los están enriqueciendo. Y está asimismo protegido por por la volu volunt ntad ad de igno ignora rar, r, exor exorci ciza zarr o co cond nden enar ar a aque aquell llos os que que expresan sus dudas. Ante Antess de exam examin inar ar las las gran grande dess espe especu cula laci cion ones es del del pasa pasado do,, desearía identificar las fuerzas que inician, sustentan y caracterizan el epis episod odio io espe especu cula lado dorr y que, que, cuand cuando o vuel vuelve ven n a ejer ejerce cerse rse,, siem siempr pre e prov provoc ocan an sorp sorpre resa, sa, extr extrañ añez eza a y entu entusi siasm asmo o reno renova vado dos. s. To Todo do esto esto tendremos ocasión de comprobar que ocurre una y otra vez, de manera casi invariable, en la historia aquí recogida.
CAPÍTULO II LOS DENOMINADORES COMUNES En los los ca capí pítu tulo loss que que sigu siguen en revi reviso so los los gran grande dess epis episod odio ioss de especu especulac lación ión del pasado pasado;; concre concretam tament ente, e, de los tresci trescient entos os últim últimos os años años.. Co Como mo ya he dich dicho o co con n ante anteri rior orid idad, ad, los los rasg rasgos os co comu mune ness son son recu recurr rre entes ntes.. Esto Esto no dej deja de tene tenerr import portan anci cia a práct ráctic ica, a, pue pues, reconociéndolos, la persona o la institución perspicaz queda o debería quedar avisada. Y acaso algunas queden, efectivamente... Pero como se indicaba en el capítulo 1, las posibilidades no son muchas, pues la euforia forma parte del episodio de especulación, y la masa escapa de la reali rea lidad, dad, lo que excluy excluye e cualqu cualquier ier consid considerac eración ión seria seria ace acerca rca de la verdadera naturaleza de lo que está ocurriendo. Hay Ha y otro otross dos fact factor ores es que que co cont ntri ribu buy yen a esa eufo eufori ria a y la sostienen, y que han sido escasamente valorados en nuestro tiempo o en época pasadas. El primero de dichos factores es la extrema fragilidad de la memoria en asuntos financieros. En consecuencia, el desastre se olvi olvida da rápid rápidam amen ente te.. Así Así pues pues,, cuand cuando o vuel vuelve ven n a darse darse las las mism mismas as circ circun unst stanc ancia iass u otra otrass muy muy pare pareci cida das, s, a vece vecess co con n poco pocoss años años de diferencia, aquéllas son saludadas por una nueva generación, a menudo plena de juventud y siempre con una enorme confianza en sí misma, de ubri ubrimi mi to in do el nd fi ie má
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John Kenneth Galbraith
Breve historia de la euforia financiera
La situ situac ació ión n bási básica ca es admir admirabl ablem emen ente te clar clara. a. En toda toda ac acti titu tud d favorable a la libre empresa (otrora llamada capitalista) subyace una acusada tendencia a creer que cuanto más dinero, ingresos o bienes tiene un individuo o si está asociado a ellos, más profunda y más exigente exigente es su percepción percepción de los asuntos asuntos económico económicoss y sociales, y más agudos y penetrantes sus procesos mentales. El dinero es la medida de toda toda real realiz izac ació ión n ca capi pita tali list sta. a. A más dine dinero ro,, ma mayo yorr es el logr logro o y la inteligencia que lo apoya. Además, en un mundo en el que para muchos la adquisición de dinero resulta difícil, y las sumas a las que acceden son a todas luces insuficientes, la posesión de dinero en elevadas cantidades parece un milagro. Así pues, esa posesión debe asociarse a algún genio especial. Esta visión se ve reforzada por el aire de confianza en sí mismo y de autosatisfacción que acostumbra asumir la persona opulenta. En ningún caso ca so qued queda a tan ruda ruda y abru abrupt ptam amen ente te de ma mani nifi fies esto to la infe inferi riori oridad dad mental del lego como cuando le dicen: «Me temo que, sencillamente, usted no entiende de finanzas.» En realidad, semejante reverencialismo por la posesión de dinero indica una vez más la cortedad de la memoria, la ignorancia de la historia y la consecuente propensión, a la que acabo de referirme, a caer en el engaño tanto en la esfera personal como en la colectiva. Tener dinero puede significar, en el pasado y en el presente, que la person persona a se muest muestra ra neciam neciament ente e insens insensibl ible e a los impera imperativ tivos os legales y, en los tiempos modernos, que acaso sea un potencial interno en una cárcel de mínima seguridad. O tal vez el dinero provenga de una herencia, y es notorio que la agudeza mental no se transmite de manera signif significa icativ tiva a del progen progenito itorr al vástag vástago. o. En todas todas estas estas materi materias, as, un examen más cuidadoso del supuesto genio financiero, una interrogación rigurosa y detallada para probar su inteligencia, conduce a menudo, y tal vez en casi todos los casos, a una conclusión distinta. Desgraciadamente, el sujeto no suele prestarse a ese escrutinio. Por lo dem demás, ás, fort fortun una a y supu supues esta ta co comp mpet eten enci cia a en asun asunto toss fina financ ncie iero ross acostumbran excluirse.
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John Kenneth Galbraith
Breve historia de la euforia financiera
prot proteg egid idas as de lo que que podr podría ía sign signif ific icar ar un co comp mpro romi miso so seri serio o que que les les condujera al error. Otro factor interviene en este punto. Aquellos que poseen dinero para prestarlo, por la fuerza de una arraigada costumbre, por tradición y, más en concreto, por las necesidades y deseos de los prestatarios, otorgan una especial importancia al trato deferente en su rutina diaria. Esta actitud se transmuta de inmediato en el ánimo del que recibe ese trato, en el reconocimiento de una superioridad mental: «Si se me trata de esta manera es porque debo de ser inteligente«. En consecuencia, corre peligro la autocrítica, que es el mayor apoyo al mínimo buen sentido. Lo anterior no es la aplicación de una teoría gratuita. En la década de 1970, los mayores bancos y banqueros de Nueva York, orgullosos de sus éxitos al reciclar los ingresos de los árabes por su petróleo, llevaron a cabo esos desdichados préstamos a largo plazo a Latinoamérica, África y Po Polo loni nia. a. Fuer Fueron on homb hombre ress inte intele lect ctual ualme ment nte e dudo dudosos sos,, en ínti íntima ma y protegida asociación con abundantes bienes, los que canalizaron dinero a través del ridículo Penn Square Bank de Oklahoma City, hacia las mano ma noss exte extend ndid idas as en el veci vecino no terr terren eno o petr petrol olíf ífer ero. o. Y en Dall Dallas as y Houston, hacia los notorios desastres de las grandes especulaciones con el petróleo de Texas y con inmobiliarias. Y esas personas, en todo el país durante los años ochenta, iniciaron y explotaron el terrible hundimiento del ahorro y el préstamo. En los los ca capí pítu tulo loss que que sigu siguen en exam examin inar arem emos os,, y en repe repeti tida dass ocasiones, cómo el público inversor queda fascinado y cautivado por la gran mente financiera. Esta fascinación deriva, a su vez, de la escala de las operaciones y de la creencia de que con tanto dinero en juego, los recursos mentales que se hallan detrás no pueden ser inferiores. Sólo tras el colapso especulador surge la verdad. La que se creía insólita perspicacia se convierte en una fortuita y desdichada asociación con los recursos económicos. A lo largo de la historia, el resultado para quienes de esta forma han sido equivocadamente juzgados (incluyendo
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John Kenneth Galbraith
Breve historia de la euforia financiera
maravi mara vill llas as de la co comp mpañ añía ía por por ac acci cion ones es,, ahor ahora a llam llamad ada a soci socied edad ad anónima. En época más reciente, en los Estados Unidos, poco antes del gran gran hund hundim imie ient nto o de 198 1987 (a me menu nudo do llam llamad ado, o, en térm términ inos os má máss benignos, meltdown , ablandamie ablandamiento), nto), se produjo produjo la acomodación acomodación de los mercados a la visión confiada, propia de la libre empresa, de Ronald Reagan, con la correspondiente liberación de la economía de la pesada mano del gobierno, y cuanto cuanto a ella se asocia: asocia: impuestos impuestos,, reforzamien reforzamiento to del criterio antitrust y disposiciones diversas. También contribuyó a esta situación el redescubrimiento del apalancamiento, que ya dio sus frutos en otros tiempos, y que ahora se presenta como el milagro de los bonos de alto riesgo o los bonos basura. En éstos se apoyaban las iniciativas de la nueva generación de cazadores de empresas y de especialistas en adquisición de participaciones apalancadas. En todos los episodios de especulación hay siempre un elemento de orgullo en descubrir qué hay de aparentemente nuevo y altamente remunerador en el ám ámb bito del instr strumento financ anciero o de la oportunidad de inversión. El individuo o la institución que así actúa se considera considera prodigiosamente prodigiosamente por delante delante de la masa. Este planteami planteamiento ento se ve confirmado cuando otros corren a explotar los efectos de su propia visión (sólo que ligeramente más retardada). El descubrimiento de algo nuevo y excepcional halaga el ego del partícipe, como se espera que halague también su cartera. Y durante un tiempo así es, en efecto. Mas Mas para para los los inst instru rume ment ntos os finan financi cier eros os nuev nuevos os,, la expe experi rien enci cia a estab stabllec ece e una una firm firme e regl regla, a, y en poca pocass mater ateriias ec econ onóm ómiica cass su comprensión es más importante y frecuentemente, claro está, más sutil. La regla en cuestión dice que las operaciones financieras no se prestan a la innovación. Lo que recurrentemente se describe y se celebra como tal es, sin sin excep xcepccione iones, s, una una pequ peque eña vari ariant ante de un esque squem ma ya establecido, y debe su carácter distintivo a la ya mencionada cortedad de memoria en materia financiera. El mundo de las finanzas aclama la invención de la rueda una y otra vez, a menudo en una versión algo más inestable. Toda innovación en este terreno implica, de una forma u otra,
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John Kenneth Galbraith
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garantizada por unos bienes más limitados, con meras modificaciones en cuanto al propósito inicial. Todas las crisis, en efecto, han implicado una deuda que, de una u otra manera, se ha vuelto peligrosamente desproporcionada con respecto a los medios de pago pa go subyacentes. Más a menudo, está ausente cualquier rasgo que se asemeje a una innovación. Como veremos, en la década de 1920 se crearon los grandes holdings . Sus propietarios, esto es, los accionistas, lanzaron bonos y títulos preferentes a fin de adquirir otras acciones. Como el valor de estas últimas se incrementó -durante un tiempo-, la totalidad del beneficio fue a parar a sus tenedores, lo cual se proclamó como uno de los los mila milagr gros os fina financ ncie iero ross de la époc época. a. De hech hecho, o, se trat tratab aba a de apalancamiento, si acaso presentado con un disfraz ligeramente distinto. En la década de 1980, en la que dio en llamarse la manía de las fusiones y adquisiciones, los que andaban a la busca y captura de empresas, y sus acólitos de la banca de inversiones lanzaron un gran volumen de bonos con la garant antía de las empresas objeto de adquisición. Los responsables de ellas, ante esta amenaza, lanzaron a su vez bonos para adquirir y retirar las acciones de sus compañías, y de este este mo modo do co cons nser erva varr el co cont ntro rol. l. Una Una vez vez má más, s, lleg llegó ó una una époc época a de supuesta innovación y aventura. La realidad es que se trataba de una mera mera reapar reaparici ición ón del apalan apalancam camien iento, to, sólo sólo que la termin terminolo ología gía era nueva. Lo bo itid itid de ta be añadi añadi ndía ndía
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John Kenneth Galbraith
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estaban por encima de la ortodoxia, tan limitadora, habrán transgredido la ley, como se ha observado, y su caída y posible encarcelamiento se contemplarán ahora con justa satisfacción. Tam Tampo poco co falt faltará ará un dete deteni nido do exam examen en de los los inst instru rume ment ntos os y prácticas financieros que con anterioridad tanto se estimaban, y que facilitaron y sostuvieron la especulación: papel moneda, lanzamiento de valores inviables, posesión de información privilegiada, manipulación del mercado y, más recientemente; program and index trading. Se hablará de reglam ame entos y reformas, pero lo que no se discu scutirá es la especulación en sí ni el aberrante optimismo que subyace en ella. Nada es más notabl able que esta sta observac aciión: al día siguiente de la especulación, la realidad será ignorada casi por completo. Existen dos razones para que sea así. En primer lugar, muchas personas e instituciones se han visto envueltas en el asunto, y en tanto resulte aceptable atribuirlo a error, credulidad y exceso de una persona o incluso de una empresa en concreto, se dispensa de achacarlo a una colectividad y, desde luego, a la comunidad financiera en su conjunto. Queda de manifiesto lo extendida que está la ingenuidad por no decir la estupidez, pero mencionarla en estos términos contradice radicalmente, claro claro es, es, la ya señal señalad ada a supo suposi sici ción ón de que que la inte inteli lige genc ncia ia se halla halla íntimamente asociada con el dinero. La comunidad financiera, habrá que admitirlo, se encuentra intelectualm almente por encima de tan extravagante error. La segunda razón de que el ánimo y la manía de
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John Kenneth Galbraith
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todo si lo contempla de lejos, el drama de la locura colectiva. Surge un satisfactorio sentimiento de previsión personal al conocer el invariable final de cada episodio. Pero también se da una elevada utilidad práctica al observar cuán invariablemente se repiten los rasgos comunes que hemos citado. Al advertir la resurgencia de los primeros síntomas, como sin duda habrán de manifestarse, queda una posibilidad -desde luego pequeña, dado el poder arrollador de la euforia financiera- de que los individuos, de otra manera vulnerables, capten la advertencia. A continuac aciión paso aso a relata atar los grand andes episod sodios de especulación del pasado y a considerar sus características comunes.
CAPÍTULO III LOS CASOS CLÁSICOS I: LA TULIPAMANÍA, JOHN LAW Y LA BANQUE ROYALE Los especuladores pueden no resultar perjudiciales, como burbujas en la corriente regular de la empresa. Pero su actuación cobra gravedad cuando esa empresa se convierte en una burbuja del remolino de la especulación. JOHN MAYNARD KEYNES, The General Theory of Employment Interest and Money
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1562 1562,, epis episod odio io que que revi revist stió ió espe especi cial al impo import rtan anci cia a en la difu difusi sión ón del del cono co noci cimi mien ento to y la valo valorac ració ión n de aque aquell lla a flor flor.. Co Con n el tiem tiempo po dich dicha a valo valora raci ción ón crec creció ió extr extrao aord rdin inar aria iame ment nte e y no tardó tardó en atri atribu buir irse se un enorme prestigio a la posesión y cultivo de la planta. Com Co mo ya se ha señ señalad alado o la espec specul ulac aciión se da cuan cuando do la imaginación popular se centra en algo que se tiene por nuevo en el campo del comercio o de las finanzas. El tulipán hermoso y de variados colores fue una de las primeras cosas que se prestaron a el y hoy sigue considerándo considerándose se uno de los más insólitos insólitos instrumentos instrumentos de especulaci especulación. ón. Jamás algo tan improbable contribuyó en tan sorprendente medida al engaño masivo que aquí estamos tratando. Así pues la atención se concentró en la posesión y exhibición de la más misteriosa de las flores. Y su valoración no tardó en dar paso a un gran incremento del precio que reclamaban su hermosura y rareza. En efecto los bulbos ahora estaban a la venta y hacia mediados de la década de 1630 su precio parecía aumentar ilimitadamente. La fiebre inversora se adueñó de toda Holanda. Nadie con un mínimo de inteligencia estaba dispuesto a quedarse atrás. Los precios llegaron a la extravagancia: en 1636 un bulbo al que previamente no parecía atribuírsele valor podía cambiarse por «un carruaje nuevo dos caballos tordos y un arnés completo». La especulación especulación se hizo más y más intensa. Ahora un bulbo podía cambiar de manos varias veces, y los precios se incrementaban con
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John Kenneth Galbraith
Breve historia de la euforia financiera
ganaba. Los traficantes de tulipanes especulaban con el alza y caída de las existencias, y obtenían cuantiosos beneficios comprando cuando los precios bajaban y vendiendo cuando aumentaban. Muchas personas se hicieron ricas súbitamente. Un cebo de oro pendía tentador ante los ojos de los los homb hombre ress que, que, uno uno tras tras otro otro,, co corr rría ían n hacia hacia los los me merc rcado adoss de tulipanes como las moscas scas en torno a un bote de miel. Todos imaginaban que la pasión por los tulipanes iba a durar siempre, y que la riqueza de todas las partes del mundo afluiría a Holanda y pagaría los precios que se quisieran. Las riquezas de Europa se concentrarían en las orillas del Zuyder Zee, y la pobreza quedaría desterrada del suave clima neerla neerlandé ndés. s. Nobles Nobles,, burgue burgueses ses,, granjer granjeros, os, peones peones,, marino marinos, s, lacayo lacayos, s, sirv sirvie ient ntas as e incl inclus uso o desh deshol olli lina nado dore ress y trap traper eras as espe especu cula laba ban n co con n tulipa tulipanes nes.. Person Personas as de toda toda condic condición ión liquid liquidaban aban sus propie propiedad dades es e invertían el producto en flores. Se ofrecían a la venta casas y campos a precios ruinosamente bajos, o bien se entr entreg egab aban an co como mo pago pago en las las tran transa sacc ccio ione ness efec efectu tuad adas as en el mercado de tulipanes. Los extranjeros sucumbieron al mismo frenesí, y el dinero se vertía en Holanda desde todas partes. Los precios de los art artículos de primera necesidad se increm rementaron de nuevo gradualmente, y con ellos aumentaron su valor casas y campos, caballos y carruajes así como toda clase de manufacturas de lujo; durante unos mese me ses, s, Ho Hola land nda a pare parecí cía a la mism mismíísima sima ante antecá cáma mara ra de Plut Pluto. o. La Lass operaciones mercantiles se tornaron tan amplias e intrincadas, que fue
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John Kenneth Galbraith
Breve historia de la euforia financiera
hipo hipote teccando ando sus sus prop propiiedad edade es para para obte obtene nerr cré crédito dito -he -he aquí aquí el apal apalan anccam amie ient ntoo-,, se enco encont ntra raro ron n súbi súbita tame ment nte e desp despos oseí eído doss o en bancar bancarrot rota. a. «Co «Come merci rciante antess próspe prósperos ros quedaro quedaron n reduci reducidos dos casi casi a la mendicidad, y muchos miembros de la nobleza asistieron a la ruina irremediable de sus casas.» Conc Co nclu luid ido o el epis episod odio io,, se suce sucedi dier eron on,, en grad grado o extr extrem emo, o, la amargura, las recriminaciones y la búsqueda de chivos expiatorios -todo ello muy normal-, normal-, y también también se evitó mencionar como verdadera causa el delirio colectivo. Los que se habían comprometido a comprar a unos precios tan enormemente abultados, quebraron en masa. Vendedores iracundos forzaban el cumplimiento de sus contratos de ventas, pero los tribunales, identificando la operación como un juego de especulación, se abstuvieron de respaldarles. Y al igual que en el caso de los bancos y de la tida tidade de de ah édit édit iebr iebr ti ci
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John Kenneth Galbraith
Breve historia de la euforia financiera
El plan de John Law de pagar las deud deudas as de Fran Franci cia a vend vendie iend ndo o acci ccione ones de las las inex nexiste stente ntes minas de oro de Luisiana terminó en un desastre.
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John Kenneth Galbraith
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que que no esta estaba ba clar claro o era era có cómo mo podr podría ían n ac acce cede derr a esas sas tier tierra rass los los tenedores de billetes. Esa idea tuvo importancia, sin embargo, en la futura carrera de Law en París. Llegó a esta capital en 1716, tras un breve regreso a Escocia, donde trató de aplicar sus iniciativas, que fueron decidida y sin duda muy sabiamente rechazadas. Parí arís resu result ltó ó ser ser más rece recept ptiv ivo o o, para ara más prec precis isar ar,, más infortunado. El momento era propicio. Luis XIV había muerto el año anterior, dejando dos legados que se demostrarían importantes para Law. Uno fue el regente del joven Luis XV: Felipe II, duque de Orleans, un homb hombre re que que co comb mbin inaba aba en sí un inte intele lect cto o insi insign gnif ific icant ante e y una una acusadísima tendencia al desenfreno. El otro fue una bancarrota de la tesorería y numerosas deudas derivadas de las persistentes guerras del Rey Re y Sol, Sol, las las exce excent ntri rici cida dade dess y la gene genera rali liza zada da co corr rrup upci ción ón de los los udad udad de im ó ch
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John Kenneth Galbraith
Breve historia de la euforia financiera
Las ac acttivi ividade dadess de la vent enta de títul ítulo os de la Co Com mpañí pañía a del del Miss Missis issi sipp ppii no se prop propon onía ían n co como mo fina finali lida dad d el hast hasta a ento entonc nces es no descubiert descubierto o oro, sino cubrir cubrir las deudas del Estado. Estado. Los billetes billetes emitidos emitidos para pagar esa deuda se destinaban a adquirir más títulos. Y se emitían más títulos para satisfacer la intensa demanda, la cual tenía el efecto de incrementar el precio tanto de las viejas como de las nuevas emisiones, que alcanzaban alcanzaban cotizacio cotizaciones nes extravagan extravaganteme temente nte elevadas. elevadas. Todos los billetes en circulación -y circulaban en sentido literal- se suponía que estaban respaldados por moneda acuñada, depositada en la Banque Royale, pero ese metal pronto fue minúsculo en relación con el volumen de papel. Hubo aquí apalancamiento en una forma en verdad prodigiosa. El fin llegó en 1720. El apalancamiento se invirtió bruscamente, como la experiencia iba a demostrar en un centenar de casos similares,
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John Kenneth Galbraith
Breve historia de la euforia financiera
general de Francia y se le había nombrado duque de Arkansas, un título que a uno le gustaría que hubiera sobrevivido.. Ahor Ahora a John John La Law w se habí había a co conv nver erti tido do en el obje objeto to de la má máss envene envenenad nada a conden condena. a. Proteg Protegido ido por el regent regente, e, abandon abandonó ó Franci Francia a y pasó cuatro años en Inglaterra, donde fue amnistiado del cargo por asesinato que pesaba sobre él. Se trasladó entonces a Venecia, donde pasó el resto de su vida «en una digna pobreza, llevando una existencia apac apacib ible le y virt virtuo uosa sa.. Allí Allí muri murió ó dent dentro ro de la fe ca cató tóli lica ca,, y reci recibi bió ó piadosamente los sacramentos de la Iglesia». Aquí se pueden pueden advertir advertir de nuevo las constantes constantes propias propias de estos casos. Asociado con la riqueza de la Banque Royale, Law era un genio: como co mo siem siempr pre, e, la inte inteli lige genc ncia ia deri deriva vaba ba de la vinc vincul ulac ació ión n al dine dinero ro.. Cuando la riqueza se esfumó y desapareció, se convirtió en un fugitivo denostado sin piedad. Parece cierto que Law poseía una cautivadora
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John Kenneth Galbraith
Breve historia de la euforia financiera
boom y el colapso de los precios de los valores se vieron incrementados
por por un gene general raliz izado ado desp despli lieg egue ue de sobo soborn rnos os ofic oficia iale les, s, co corr rrup upci ción ón y embrollos. El descubrimiento que justificó el boom o, como siempre y para
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John Kenneth Galbraith
Breve historia de la euforia financiera
Los orígenes de esta compañía se asemejaron estrechamente a los de la Banque Royale y de la Compañía del Mississippi. De forma similar, aportó una supuesta y sin duda bien recibida solución al problema de la deuda flotante y apremiante del Estado que, como en Francia, había
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John Kenneth Galbraith
Breve historia de la euforia financiera
deseo de participar en las ganancias. La guerra había enriquecido a un reducido pero significativo sector de la población británica. Las clases terrateniente y aristocrática, aunque desdeñosas con los «del comercio» o con los relacionados de algún modo con el «hacer dinero», también
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John Kenneth Galbraith
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manoss del mano del gobi gobier erno no a sus sus co comp mpañe añero ross de co cons nspi pirac ració ión n situ situad ados os en puestos de alta responsabilidad; una iniciativa corriente en los tiempos actuales. Los individuos relacionados con la compañía fueron expulsados del Parlamento, y los directivos y otros empleados (incluido el propio
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