This economic crisis has been caused by a lack of trust between the different economic agents. The only way out is to restore certainty.

Leave the economic crisis is not easy. An economic crisis caused by the financial crisis more important after World War II is really hard to beat. But if we analyze the causes, we see the mechanism needed to get out. However, we note that theorizing, it is much easier to act.


Crisis of confidence

I do not want to start this article discussing the name for this crisis we are living, as the concept of Ninja Crisis has been catching on, and also explains very well what was the origin of this crisis: subprime mortgages, And impact financially. However, to keep in mind the main feature of this crisis has been the loss of confidence in the payments system. This arises from the uncertainty of collection, the distrust of debtors, which has caused a huge lack of circulation of money, initiated by credit constraints.

Credit constraints

Credit institutions that not too long ago gave away the credit to future insolvent because of that, now deny that credit to persons (natural or legal) for its solvency, should access these loans without problems, despite the aid received from the public sector. A small lack of liquidity situation can lead to a solvent to the situation of bankruptcy. The reason: lack of confidence.

Excessive savings rather than consumption

Unlike the 1973 oil crisis, which caused the massive inflation everybody was affected by the crisis (remember that in 1976, the rate of inflation reached 26%), in this crisis, in principle, still living on a salary have not affected their level of income.

However, as one of the most remarkable consequences of the crisis has been the increase in arrestThese active workers, with the same income level, see their jobs threatened, and therefore spend part of their income, not consumption (which could help end the crisis), but the savings that allow them to survive the crisis better when it affects them (if they are affected). Current data saving class families are breaking all records. Again we have lack of confidence.

Lack of confidence justified

I must say that this lack of trust is not illusory or irrational. Is more than justified by observing the economic situation. The problem is how to solve a crisis that has as its main element, a subjective feeling is the lack of confidence. Very common situation in the Bag, But not in the real economy.

Scams such as Madoff have not provided a way out. Governments that deny the magnitude of the crisis, and opposition almost exclusively devoted to conceal its internal problems, not facilitate the situation.
Restoring confidence. The only solution is to return to credit. It should be remembered that what caused the transfer of the financial crisis to the real economy was the credit crunch that drowned the business and led to the closures and unemployment. In Spain we must add also the collapse of real estate at the outbreak of bubble estate (bubble caused in part by the immense joy with which loans were granted some years ago).

Back to the trust, but not blind faith that believes everyone solvent, a situation in which not everyone is considered a potential delinquent. Back to the previous context is impossible. We must learn from mistakes and understand that the lack of confidence, if not exceeds, that this crisis will be even bigger and harder.