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[b]energizer[/b], MarketWatch немного сгустил краски. [url=http://www.mckinsey.com/insights/economic_studies/qe_and_ultra_low_interest_rates_distributional_effects_and_risks]Вот[/url] то самое исследование института McKinsey, в котором говорится: "Если предположить, что цены на жильё и облигации сегодня выше, чем были бы при прежних высоких процентных ставках, то увеличение благосостояния домохозяйств значительно перевесит выпавшие доходы. Но мы скептически относимся к тому, что такое увеличение благосостояния позволит увеличить потребление в нынешних условиях, учитывая что цены на жильё в США остаются ниже своего пика. Кроме того, домохозяйствам стало труднее получить кредит из-за ужесточения стандартов кредитования."

[quote="Uncle Scrooge"]Вместе с тем на фоне низких процентных ставок стоимость жилья в США подскочила на 15% в 2007-2012 годах, цены на облигации — на 37%. Даже без учета ралли фондового рынка эти факторы привели к увеличению благосостояния населения страны на $5,6 трлн за рассматриваемый период.[/quote]
Этот абзац противоречит заголовку. Получается американцы заработали на QE, а не потеряли

Американцам пока везёт, что инфляция не разогналась от этих безумных QE. Но ведь рано или поздно бесчисленные миллиарды ничем не обеспеченных долларов где-то вылезут. Вот тогда и посчитаем кто сколько потерял :twisted:

Федеральная резервная система (ФРС) сделала выбор в пользу низких процентных ставок в попытке поддержать экономический рост, однако для миллионов пенсионеров США и других американцев, ориентированных на доходные сбережения, количественное смягчение (QE) обернулось существенной потерей доходов, [url=http://blogs.marketwatch.com/encore/2013/12/06/feds-qe-policy-cost-u-s-savers-360-billion/]пишет MarketWatch[/url].

По оценкам Глобального института McKinsey (MGI), в период между 2007 и 2012 годами домохозяйства США в общей сложности недополучили $360 млрд процентного дохода, на которые можно было бы рассчитывать при сохранении нормальных процентных ставок, а не близких к нулю.

При этом редактор Journal of Economic Perspectives Тимоти Тейлор утверждает, что пенсионеры и люди предпенсионного возраста пострадали намного больше, чем те, кто помоложе. Он объясняет это тем, что к 50-60 годам у американцев появляются существенные сбережения. А в 30 и даже в 40 лет большинство жителей США остаются нетто-заемщиками и продолжают выплачивать ипотеку, студенческие и другие кредиты, а если инвестируют, то скорее в акции, на которых действия ФРС сказались самым положительным образом.

Низкие процентные ставки и огромные объемы свободной ликвидности нанесли серьезный удар по многим пенсионным фондам США — как государственным, так и частным. Эксперты MGI считают, что низкие процентные ставки уменьшили средства пенсионных фондов и страховых компаний США на $270 млрд в 2007-2012 годах.

В расчете на душу населения суммы не выглядят столь внушительно: MGI оценивает негативный эффект для американцев в возрасте от 55 до 64 лет в $900 на человека в год, или 0,8% годового дохода. Однако для тех, кому от 65 до 74 лет, годовая сумма возрастает до $1,9 тыс. в год, или 2% дохода, а жители США старше 75 лет недополучают $2,7 тыс. в год, или 6% дохода.

Вместе с тем на фоне низких процентных ставок стоимость жилья в США подскочила на 15% в 2007-2012 годах, цены на облигации — на 37%. Даже без учета ралли фондового рынка эти факторы привели к увеличению благосостояния населения страны на $5,6 трлн за рассматриваемый период.