{"id":2939,"date":"2020-08-06T09:23:08","date_gmt":"2020-08-06T07:23:08","guid":{"rendered":"http:\/\/www.other-news.info\/notizie\/?p=2939"},"modified":"2020-08-06T09:23:08","modified_gmt":"2020-08-06T07:23:08","slug":"le-tre-eminenze-grigie-della-finanza","status":"publish","type":"post","link":"https:\/\/www.other-news.info\/notizie\/2020\/08\/06\/le-tre-eminenze-grigie-della-finanza\/","title":{"rendered":"Le tre eminenze grigie della finanza"},"content":{"rendered":"\n

di Glauco Benigni<\/strong><\/p>\n\n\n

Si chia\u00adma\u00adno Van\u00adguard, Blac\u00adkRock e Sta\u00adte Street Glo\u00adbal Ad\u00advi\u00adsor, sono i 3 mag\u00adgio\u00adri Mu\u00adtual Funds del mon\u00addo e sono i registi occulti della verticalizzazione del potere<\/strong><\/em><\/p>\n\n\n

\"\"<\/figure>\n\n\n

Sono noti an\u00adche come \u201cFon\u00addi co\u00admu\u00adni\u201d, ov\u00adve\u00adro Fon\u00addi di in\u00adve\u00adsti\u00admen\u00adto, ge\u00adsti\u00adti da esper\u00adti pro\u00adfes\u00adsio\u00adni\u00adsti, che rac\u00adcol\u00adgo\u00adno de\u00adna\u00adro \u201cfre\u00adsco\u201d da una ster\u00admi\u00adna\u00adta e va\u00adrie\u00adga\u00adta quan\u00adti\u00adt\u00e0 di in\u00adve\u00adsti\u00adto\u00adri e ri\u00adspar\u00admia\u00adto\u00adri. Con que\u00adsto \u201cde\u00adna\u00adro fre\u00adsco\u201d ac\u00adqui\u00adsta\u00adno ti\u00adto\u00adli nel\u00adle di\u00adver\u00adse bor\u00adse del pia\u00adne\u00adta e ri\u00addi\u00adstri\u00adbui\u00adsco\u00adno uti\u00adli (quan\u00addo va bene) a co\u00adlo\u00adro i qua\u00adli han\u00adno loro af\u00adfi\u00adda\u00adto l\u2019ec\u00adce\u00adden\u00adza del pro\u00adprio ca\u00adpi\u00adta\u00adle e\/\u200bo i pro\u00adpri ri\u00adspar\u00admi. Gli in\u00adve\u00adsti\u00adto\u00adri pos\u00adso\u00adno es\u00adse\u00adre di na\u00adtu\u00adra com\u00admer\u00adcia\u00adle o isti\u00adtu\u00adzio\u00adna\u00adle, ma an\u00adche sem\u00adpli\u00adci pri\u00adva\u00adti che ac\u00adce\u00addo\u00adno ai di\u00adver\u00adsi pia\u00adni di in\u00adve\u00adsti\u00admen\u00adto ri\u00adcon\u00addu\u00adci\u00adbi\u00adli e con\u00adtrol\u00adla\u00adti dai Big\u00a03.\u00a0<\/p>\n\n\n

I 3 ap\u00adpa\u00adio\u00adno stret\u00adta\u00admen\u00adte in\u00adter\u00adcon\u00adnes\u00adsi l\u2019u\u00adno con l\u2019al\u00adtro, gra\u00adzie a in\u00adcro\u00adci pro\u00adprie\u00adta\u00adri e le\u00adga\u00admi mol\u00adto ri\u00adser\u00adva\u00adti e per\u00adso\u00adna\u00adli tra i loro rap\u00adpre\u00adsen\u00adtan\u00adti al ver\u00adti\u00adce del\u00adle ope\u00adra\u00adzio\u00adni e dei\u00a0ri\u00adspet\u00adti\u00advi\u00a0Boards.<\/p>\n\n\n

In so\u00adstan\u00adza quan\u00addo si par\u00adla di \u201cca\u00adpi\u00adta\u00adli\u00adsmo fi\u00adnan\u00adzia\u00adrio\u201d, di \u201cim\u00adpe\u00adria\u00adli\u00adsmo neo\u00adli\u00adbe\u00adri\u00adsta\u201d o quan\u00addo si evo\u00adca \u201cla Fi\u00adnan\u00adza\u201d tout court, qua\u00adle bus\u00adso\u00adla per orien\u00adta\u00adre i de\u00adsti\u00adni del\u00adla con\u00adtem\u00adpo\u00adra\u00adnei\u00adt\u00e0 e del fu\u00adtu\u00adro, si par\u00adla di o me\u00adglio \u201csi evo\u00adca\u00adno\u201d Loro sen\u00adza men\u00adzio\u00adnar\u00adli. Come ogni vero Po\u00adte\u00adre sono gi\u00e0 Tab\u00f9. <\/p>\n\n\n

I 3 sono al cen\u00adtro di una va\u00adsta ga\u00adlas\u00adsia di si\u00adgle, in cui com\u00adpa\u00adio\u00adno al\u00adtri im\u00adpor\u00adtan\u00adti Mu\u00adtual Funds e sog\u00adget\u00adti fi\u00adnan\u00adzia\u00adri (tra cui: Fi\u00adde\u00adli\u00adty, T-Rowe, Gold\u00adman Sa\u00adchs, J.P. Mor\u00adgan, Mor\u00adgan Stan\u00adley). Le mas\u00adse fi\u00adnan\u00adzia\u00adrie da loro ge\u00adsti\u00adte agi\u00adsco\u00adno come al\u00adl\u2019in\u00adter\u00adno di un si\u00adste\u00adma gra\u00advi\u00adta\u00adzio\u00adna\u00adle, pro\u00advo\u00adcan\u00addo at\u00adtra\u00adzio\u00adni e re\u00adpul\u00adsio\u00adni sul\u00adl\u2019in\u00adte\u00adra co\u00adstel\u00adla\u00adzio\u00adne ban\u00adca\u00adria e as\u00adsi\u00adcu\u00adra\u00adti\u00adva. Gra\u00adzie alle po\u00adsi\u00adzio\u00adni stra\u00adte\u00adgi\u00adche nei di\u00adver\u00adsi azio\u00adna\u00adria\u00adti, co\u00adsti\u00adtui\u00adte dai loro im\u00adpo\u00adnen\u00adti in\u00adve\u00adsti\u00admen\u00adti, i Big 3 sono in gra\u00addo di \u201ccon\u00addi\u00adzio\u00adna\u00adre\u201d gli in\u00addi\u00adriz\u00adzi di ogni area di at\u00adti\u00advi\u00adt\u00e0: pro\u00addu\u00adzio\u00adne, di\u00adstri\u00adbu\u00adzio\u00adne di mer\u00adci e ser\u00advi\u00adzi, tra\u00adspor\u00adti, sa\u00adni\u00adt\u00e0, ri\u00adcer\u00adca, etc. <\/p>\n\n\n

Im\u00adma\u00adgi\u00adna\u00adte che, ne\u00adgli ul\u00adti\u00admi 12 anni, sia\u00adno cre\u00adsciu\u00adti a di\u00adsmi\u00adsu\u00adra, in un si\u00adste\u00adma pla\u00adne\u00adta\u00adrio, di\u00adna\u00admi\u00adco s\u00ec ma fon\u00adda\u00admen\u00adtal\u00admen\u00adte equi\u00adli\u00adbra\u00adto, 3 im\u00adpo\u00adnen\u00adti nuo\u00advi pia\u00adne\u00adti e ab\u00adbia\u00adno as\u00adsun\u00adto una po\u00adsi\u00adzio\u00adne cen\u00adtra\u00adle nel si\u00adste\u00adma, de\u00adter\u00admi\u00adnan\u00addo in tal modo nuo\u00advi equi\u00adli\u00adbri e squi\u00adli\u00adbri e nuo\u00adve or\u00adbi\u00adte di tut\u00adti i pre\u00adce\u00adden\u00adti pia\u00adne\u00adti e sa\u00adtel\u00adli\u00adti che era\u00adno pre\u00adsen\u00adti nel si\u00adste\u00adma. <\/p>\n\n\n

I 3 go\u00addo\u00adno ov\u00advia\u00admen\u00adte di mas\u00adsi\u00admo ri\u00adspet\u00adto, ma fan\u00adno ve\u00adra\u00admen\u00adte pau\u00adra a tut\u00adti co\u00adlo\u00adro i qua\u00adli \u2013 giu\u00adsta\u00admen\u00adte \u2013 te\u00admo\u00adno la ver\u00adti\u00adca\u00adliz\u00adza\u00adzio\u00adne del  Po\u00adte\u00adre. <\/p>\n\n\n

Gi\u00e0 nel 2017, Jan Fi\u00adcht\u00adner, Eel\u00adke M. Heem\u00adskerk e Ja\u00advier Gar\u00adcia, tre ri\u00adcer\u00adca\u00adto\u00adri del\u00adl\u2019U\u00adni\u00adver\u00adsi\u00adt\u00e0 di Am\u00adster\u00addam, spie\u00adga\u00adva\u00adno che: \u201cDal 2008 si \u00e8 ve\u00adri\u00adfi\u00adca\u00adto un mas\u00adsic\u00adcio spo\u00adsta\u00admen\u00adto dal\u00adle stra\u00adte\u00adgie di in\u00adve\u00adsti\u00admen\u00adto at\u00adti\u00advo a quel\u00adle pas\u00adsi\u00adve (vedi in se\u00adgui\u00adto n.d.r.). Il set\u00adto\u00adre dei fon\u00addi in\u00addi\u00adciz\u00adza\u00adti pas\u00adsi\u00advi \u00e8 do\u00admi\u00adna\u00adto dal\u00adle \u201cBig Th\u00adree\u201d. Ab\u00adbia\u00admo map\u00adpa\u00adto in modo esau\u00adsti\u00advo la pro\u00adprie\u00adt\u00e0 del\u00adle Big Th\u00adree ne\u00adgli Sta\u00adti Uni\u00adti e ab\u00adbia\u00admo sco\u00adper\u00adto che in\u00adsie\u00adme co\u00adsti\u00adtui\u00adsco\u00adno il mag\u00adgio\u00adre azio\u00adni\u00adsta del\u00adl\u201988% del\u00adle 500 so\u00adcie\u00adt\u00e0 pre\u00adsen\u00adti nel\u00adl\u2019in\u00addi\u00adce S&P.\u201d <\/p>\n\n\n

Tra\u00addot\u00adto, vuol dire che i Big Th\u00adree sono i mag\u00adgio\u00adri azio\u00adni\u00adsti in qua\u00adsi il 90% del\u00adle so\u00adcie\u00adt\u00e0 in cui la mag\u00adgior par\u00adte del\u00adle per\u00adso\u00adne in\u00adve\u00adste. Per dare un\u2019i\u00addea, nel\u00adlo S&P 500 si rin\u00adven\u00adgo\u00adno sia vec\u00adchi gi\u00adgan\u00adti del\u00adla Old Eco\u00adno\u00admy qua\u00adli: Ex\u00adxon\u00adMo\u00adbil, Ge\u00adne\u00adral Elec\u00adtric, Coca-Cola, John\u00adson & John\u00adson, J.P. Mor\u00adgan; sia tut\u00adti i nuo\u00advi gi\u00adgan\u00adti del\u00adl\u2019E\u00adra Di\u00adgi\u00adta\u00adle: Al\u00adpha\u00adbet-Goo\u00adgle, Ama\u00adzon, Fa\u00adce\u00adbook, Mi\u00adcro\u00adsoft e Ap\u00adple. Ci\u00f2 vuol dire che la loro in\u00adfluen\u00adza \u00e8 este\u00adsa an\u00adche ai mag\u00adgio\u00adri vei\u00adco\u00adli di in\u00adfor\u00adma\u00adzio\u00adne e  del\u00adl\u2019e-com\u00admer\u00adce. <\/p>\n\n\n

Sono con\u00adsta\u00adta\u00adzio\u00adni ec\u00adce\u00adzio\u00adna\u00adli. Se \u2013 come sem\u00adbra \u2013 cor\u00adri\u00adspon\u00addo\u00adno alla real\u00adt\u00e0, la sce\u00adna che ap\u00adpa\u00adre con\u00adtrav\u00advie\u00adne a ogni pre\u00adce\u00adden\u00adte vi\u00adsio\u00adne di li\u00adbe\u00adra con\u00adcor\u00adren\u00adza e de\u00adscri\u00adve una po\u00adsi\u00adzio\u00adne do\u00admi\u00adnan\u00adte che mai si era rea\u00adliz\u00adza\u00adta nel\u00adla sto\u00adria. <\/p>\n\n\n

\u201cAt\u00adtra\u00adver\u00adso un\u2019a\u00adna\u00adli\u00adsi del\u00adle re\u00adgi\u00adstra\u00adzio\u00adni del\u00adle de\u00adle\u00adghe di voto \u2013 con\u00adti\u00adnua\u00adno i pro\u00adfes\u00adso\u00adri di Am\u00adster\u00addam \u2013 si pu\u00f2 af\u00adfer\u00adma\u00adre che le Tre Gran\u00addi uti\u00adliz\u00adza\u00adno stra\u00adte\u00adgie di voto coor\u00addi\u00adna\u00adte e quin\u00addi per\u00adse\u00adguo\u00adno obiet\u00adti\u00advi di cor\u00adpo\u00adra\u00adte go\u00adver\u00adnan\u00adce cen\u00adtra\u00adliz\u00adza\u00adta. Ge\u00adne\u00adral\u00admen\u00adte vo\u00adta\u00adno con il ma\u00adna\u00adge\u00adment, tran\u00adne che alle (ri)ele\u00adzio\u00adni dei di\u00adret\u00adto\u00adri. Inol\u00adtre, le Tre Gran\u00addi pos\u00adso\u00adno eser\u00adci\u00adta\u00adre un \u201cpo\u00adte\u00adre oc\u00adcul\u00adto\u201d at\u00adtra\u00adver\u00adso due ca\u00adna\u00adli: in pri\u00admo luo\u00adgo, at\u00adtra\u00adver\u00adso im\u00adpe\u00adgni pri\u00adva\u00adti con il ma\u00adna\u00adge\u00adment del\u00adle so\u00adcie\u00adt\u00e0 in\u00adve\u00adsti\u00adte; e in se\u00adcon\u00addo luo\u00adgo, per\u00adch\u00e9 i di\u00adri\u00adgen\u00adti del\u00adle so\u00adcie\u00adt\u00e0 po\u00adtreb\u00adbe\u00adro es\u00adse\u00adre in\u00adcli\u00adni ad as\u00adse\u00adcon\u00adda\u00adre gli obiet\u00adti\u00advi del\u00adle Big Th\u00adree.\u201d <\/p>\n\n\n

Blac\u00adkRock ha re\u00adcen\u00adte\u00admen\u00adte so\u00adste\u00adnu\u00adto di non es\u00adse\u00adre le\u00adgal\u00admen\u00adte il \u201cpro\u00adprie\u00adta\u00adrio\u201d del\u00adle azio\u00adni che de\u00adtie\u00adne. \u201cSia\u00admo piut\u00adto\u00adsto i cu\u00adsto\u00addi del de\u00adna\u00adro a noi af\u00adfi\u00adda\u00adto da\u00adgli in\u00adve\u00adsti\u00adto\u00adri\u201d- af\u00adfer\u00adma\u00adno. <\/p>\n\n\n

\u00c8 un tec\u00adni\u00adci\u00adsmo da in\u00adter\u00adpre\u00adta\u00adre: ci\u00f2 che \u00e8 in\u00adne\u00adga\u00adbi\u00adle \u00e8 che i Big Th\u00adree eser\u00adci\u00adta\u00adno i di\u00adrit\u00adti di voto as\u00adso\u00adcia\u00adti a que\u00adste azio\u00adni. Per\u00adtan\u00adto, de\u00advo\u00adno es\u00adse\u00adre per\u00adce\u00adpi\u00adti come pro\u00adprie\u00adta\u00adri di fat\u00adto dai di\u00adri\u00adgen\u00adti azien\u00adda\u00adli. \u00c8 fa\u00adci\u00adle \u201ces\u00adse\u00adre in\u00adcli\u00adni\u201d quan\u00addo la tua pol\u00adtro\u00adna e la tua li\u00adqui\u00adda\u00adzio\u00adne mi\u00adlio\u00adna\u00adria di\u00adpen\u00adde da chi \u201ccu\u00adsto\u00addi\u00adsce\u201d il pac\u00adchet\u00adto azio\u00adna\u00adrio di con\u00adtrol\u00adlo del\u00adla so\u00adcie\u00adt\u00e0 per cui la\u00advo\u00adri. <\/p>\n\n\n

Fin quan\u00addo l\u2019in\u00addi\u00adce ac\u00adcu\u00adsa\u00adto\u00adrio ve\u00adni\u00adva pun\u00adta\u00adto da\u00adgli eu\u00adro\u00adpei \u2013 e no\u00adno\u00adstan\u00adte le pre\u00adoc\u00adcu\u00adpa\u00adzio\u00adni del\u00adla com\u00admis\u00adsio\u00adne an\u00adti\u00adtru\u00adst del\u00adla UE \u2013 la sce\u00adna, in USA, ve\u00adni\u00adva mi\u00adni\u00admiz\u00adza\u00adta e i ri\u00adschi, ad essa con\u00adnes\u00adsi, sot\u00adto\u00adva\u00adlu\u00adta\u00adti. L\u2019an\u00adno scor\u00adso per\u00f2 si sono sve\u00adglia\u00adti l\u2019An\u00adti\u00adtru\u00adst e il Di\u00adpar\u00adti\u00admen\u00adto di Giu\u00adsti\u00adzia sta\u00adtu\u00adni\u00adten\u00adsi. I veri mo\u00adti\u00advi del nuo\u00advo sta\u00adto di al\u00adler\u00adta sono ov\u00advia\u00admen\u00adte po\u00adli\u00adti\u00adci e ri\u00adcon\u00addu\u00adci\u00adbi\u00adli agli as\u00adset\u00adti di po\u00adte\u00adre den\u00adtro e in\u00adtor\u00adno alla Casa Bian\u00adca. Uf\u00adfi\u00adcial\u00admen\u00adte le au\u00adto\u00adri\u00adt\u00e0 han\u00adno mo\u00adstra\u00adto pre\u00adoc\u00adcu\u00adpa\u00adzio\u00adne per\u00adch\u00e8 tra co\u00adlo\u00adro i qua\u00adli han\u00adno mes\u00adso sot\u00adto la len\u00adte d\u2019in\u00adgran\u00addi\u00admen\u00adto i Big Th\u00adree \u00e8 com\u00adpar\u00adsa la Har\u00advard Law School. Dai loro pre\u00adsti\u00adgio\u00adsi scran\u00adni, Lu\u00adcian Beb\u00adchulk e Scott Hir\u00adst, due ac\u00adca\u00adde\u00admi\u00adci con\u00adsi\u00adde\u00adra\u00adti tra i mas\u00adsi\u00admi esper\u00adti in cor\u00adpo\u00adra\u00adte go\u00adver\u00adnan\u00adce han\u00adno pro\u00addot\u00adto uno stu\u00addio al\u00adlar\u00adman\u00adte che si in\u00adti\u00adto\u00adla The Spec\u00adter of Giant Th\u00adree<\/em>. In so\u00adstan\u00adza, con\u00adti alla mano, si di\u00admo\u00adstra che da soli i 3 ge\u00adsti\u00adsco\u00adno 16 tri\u00adlio\u00adni di dol\u00adla\u00adri (nel 2019) e che in tal modo si tro\u00adva\u00adno a con\u00adtrol\u00adla\u00adre 4 azio\u00adni su 10 del\u00adle mag\u00adgio\u00adri cor\u00adpo\u00adra\u00adtion USA. <\/p>\n\n\n

Come spie\u00adga\u00adto da Vin\u00adcen\u00adzo Bel\u00adtra\u00admi su Start\u00adma\u00adga\u00adzi\u00adne<\/em>: \u201cIl pa\u00adper di Har\u00advard ha il me\u00adri\u00adto di fo\u00adto\u00adgra\u00adfa\u00adre la cre\u00adsci\u00adta espo\u00adnen\u00adzia\u00adle che so\u00adprat\u00adtut\u00adto Blac\u00adkRock e Van\u00adguard an\u00addran\u00adno a eser\u00adci\u00adta\u00adre nei pros\u00adsi\u00admi anni ne\u00adgli as\u00adset\u00adti fi\u00adnan\u00adzia\u00adri ad oggi co\u00adno\u00adsciu\u00adti, in\u00adne\u00adscan\u00addo un cam\u00adbio di pa\u00adra\u00addig\u00adma glo\u00adba\u00adle di cui gi\u00e0 oggi \u00e8 pos\u00adsi\u00adbi\u00adle pre\u00adve\u00adde\u00adre gli ef\u00adfet\u00adti. Gli ac\u00adca\u00adde\u00admi\u00adci di Har\u00advard han\u00adno cal\u00adco\u00adla\u00adto che le mas\u00adse ge\u00adsti\u00adte da que\u00adsti gi\u00adgan\u00adti, con il re\u00adla\u00adti\u00advo po\u00adte\u00adre di rap\u00adpre\u00adsen\u00adtan\u00adza che ne con\u00adse\u00adgue, sono de\u00adsti\u00adna\u00adte a in\u00adcre\u00admen\u00adtar\u00adsi ri\u00adspet\u00adti\u00adva\u00admen\u00adte del 34% nei pros\u00adsi\u00admi die\u00adci anni e del 41% cal\u00adco\u00adlan\u00addo un arco tem\u00adpo\u00adra\u00adle di un ven\u00adten\u00adnio\u201d. <\/p>\n\n\n

Ve\u00addia\u00admo ora qual\u00adche \u201cdet\u00adta\u00adglio\u201d pub\u00adbli\u00adca\u00adto su Wi\u00adki\u00adpe\u00addia<\/em>: <\/p>\n\n\n

The Van\u00adguard Group<\/strong> ha sede a Mal\u00advern, un sob\u00adbor\u00adgo di Phi\u00adla\u00addel\u00adphia, in Penn\u00adsyl\u00adva\u00adnia. \u00c8 sta\u00adta fon\u00adda\u00adta nel 1975 da John C. Bo\u00adgle, ge\u00adsti\u00adsce un pa\u00adtri\u00admo\u00adnio pari a 6,2 tri\u00adlio\u00adni di dol\u00adla\u00adri gra\u00adzie a cir\u00adca 17.000 di\u00adpen\u00adden\u00adti. L\u2019at\u00adtua\u00adle CEO si chia\u00adma Mor\u00adti\u00admer J. Buc\u00adkley.<\/p>

Blac\u00adkRock<\/strong> ha sede a New York. Ge\u00adsti\u00adsce un pa\u00adtri\u00admo\u00adnio to\u00adta\u00adle di 7,5 tri\u00adlio\u00adni di dol\u00adla\u00adri, dei qua\u00adli un ter\u00adzo in\u00adve\u00adsti\u00adto in Eu\u00adro\u00adpa e 500 mi\u00adliar\u00addi nel\u00adla sola Ita\u00adlia. \u00c8 sta\u00adta fon\u00adda\u00adta nel 1988 da Lau\u00adren\u00adce D. Fink (CEO), Su\u00adsan Wag\u00adner e Ro\u00adbert S. Ka\u00adpi\u00adto. Ha 15.000 di\u00adpen\u00adden\u00adti.<\/p>

Sta\u00adte Street Glo\u00adbal Ad\u00advi\u00adsors<\/strong> \u00e8 la di\u00advi\u00adsio\u00adne di ge\u00adstio\u00adne de\u00adgli in\u00adve\u00adsti\u00admen\u00adti di Sta\u00adte Street Cor\u00adpo\u00adra\u00adtion. Ge\u00adsti\u00adsce cir\u00adca 3 tri\u00adlio\u00adni di dol\u00adla\u00adri. Ha sede a Bo\u00adston, Mas\u00adsa\u00adchu\u00adsetts. Il CEO \u00e8 Cy\u00adrus Ta\u00adra\u00adpo\u00adre\u00adva\u00adla. Ha 2500 di\u00adpen\u00adden\u00adti. <\/p><\/blockquote>\n\n\n

Que\u00adsti dati con\u00adfer\u00adma\u00adno che il pa\u00adtri\u00admo\u00adnio to\u00adta\u00adle ge\u00adsti\u00adto da Big 3 am\u00admon\u00adta a 16 tri\u00adlio\u00adni nel 2019. Ora la do\u00adman\u00adda \u00e8: se la cas\u00adsa \u00e8 pari a 4 vol\u00adte il PIL te\u00adde\u00adsco o, se vo\u00adle\u00adte, a 8 vol\u00adte il de\u00adbi\u00adto pub\u00adbli\u00adco ita\u00adlia\u00adno\u2026 qual \u00e8 la vi\u00adsio\u00adne del fu\u00adtu\u00adro di Chi la ge\u00adsti\u00adsce? <\/p>\n\n\n

Ma so\u00adprat\u00adtut\u00adto, tor\u00adnan\u00addo alle pro\u00adie\u00adzio\u00adni de\u00adgli ac\u00adca\u00adde\u00admi\u00adci di Har\u00advard, se si su\u00adpe\u00adra\u00adno i 20 tri\u00adlio\u00adni nel 2030 e si vola ver\u00adso i 30 tri\u00adlio\u00adni nel 2040, al\u00adlo\u00adra la cas\u00adsa sar\u00e0 pari a met\u00e0 del PIL del\u00adl\u2019in\u00adte\u00adro pia\u00adne\u00adta  Ter\u00adra. <\/p>\n\n\n

Come \u00e8 pos\u00adsi\u00adbi\u00adle che, som\u00adman\u00addo tut\u00adti gli ad\u00addet\u00adti dei 3 Big, pari a 35.000 per\u00adso\u00adne, si pos\u00adsa ge\u00adsti\u00adre una si\u00admi\u00adle mas\u00adsa fi\u00adnan\u00adzia\u00adria che \u00e8 equi\u00adva\u00adlen\u00adte a quel\u00adla pro\u00addot\u00adta da met\u00e0 del\u00adla po\u00adpo\u00adla\u00adzio\u00adne, ov\u00adve\u00adro 3,5 mi\u00adliar\u00addi di uma\u00adni? Sta suc\u00adce\u00adden\u00addo qual\u00adco\u00adsa di gra\u00adve. Han\u00adno ra\u00adgio\u00adne le an\u00adti\u00adtru\u00adst dun\u00adque (ma sono in gra\u00addo di in\u00adter\u00adve\u00adni\u00adre?). Se c\u2019\u00e8, do\u00adv\u2019\u00e8 il truc\u00adco? <\/p>\n\n\n

Una pri\u00adma ri\u00adspo\u00adsta \u201ctec\u00adni\u00adca\u201d ce la for\u00adni\u00adsce En\u00adri\u00adco Mar\u00adro dal\u00adle co\u00adlon\u00adne de Il Sole 24 Ore<\/em>: \u201cVa chia\u00adri\u00adto che il prin\u00adci\u00adpa\u00adle dri\u00adver del\u00adla cre\u00adsci\u00adta \u00e8 rap\u00adpre\u00adsen\u00adta\u00adto dal\u00adla ge\u00adstio\u00adne pas\u00adsi\u00adva: ov\u00adve\u00adro da\u00adgli ETF<\/a>, de\u00adsti\u00adna\u00adti a toc\u00adca\u00adre i 25\u00admi\u00adla mi\u00adliar\u00addi di dol\u00adla\u00adri di mas\u00adse ge\u00adsti\u00adte en\u00adtro i pros\u00adsi\u00admi set\u00adte anni se\u00adcon\u00addo le sti\u00adme di Jim Ross, pre\u00adsi\u00adden\u00adte di Sta\u00adte  Street\u201d. <\/p>\n\n\n

Gli ETF, ov\u00adve\u00adro gli Ex\u00adchan\u00adge-Tra\u00added Fund, sono un tipo di fon\u00addi d\u2019in\u00adve\u00adsti\u00admen\u00adto<\/a> ap\u00adpar\u00adte\u00adnen\u00adti agli ETP (Ex\u00adchan\u00adge Tra\u00added Pro\u00adduc\u00adts), ov\u00adve\u00adro alla ma\u00adcro fa\u00admi\u00adglia di pro\u00addot\u00adti a in\u00addi\u00adce quo\u00adta\u00adti, aven\u00adti il fine di re\u00adpli\u00adca\u00adre un in\u00addi\u00adce<\/a> di ri\u00adfe\u00adri\u00admen\u00adto (ben\u00adch\u00admark<\/a>) con in\u00adter\u00adven\u00adti mi\u00adni\u00admi. Di\u00adver\u00adsa\u00admen\u00adte dai fon\u00addi co\u00admu\u00adni d\u2019in\u00adve\u00adsti\u00admen\u00adto<\/a> e dal\u00adle SI\u00adCAV<\/a>, han\u00adno ge\u00adstio\u00adne pas\u00adsi\u00adva, sono svin\u00adco\u00adla\u00adti dal\u00adl\u2019a\u00adbi\u00adli\u00adt\u00e0 del ge\u00adsto\u00adre e sono quo\u00adta\u00adti in bor\u00adsa<\/a> con le stes\u00adse mo\u00adda\u00adli\u00adt\u00e0 di azio\u00adni ed ob\u00adbli\u00adga\u00adzio\u00adni. Ge\u00adstio\u00adne pas\u00adsi\u00adva si\u00adgni\u00adfi\u00adca che il loro ren\u00addi\u00admen\u00adto \u00e8 le\u00adga\u00adto alla quo\u00adta\u00adzio\u00adne di un in\u00addi\u00adce bor\u00adsi\u00adsti\u00adco (che pu\u00f2 es\u00adse\u00adre azio\u00adna\u00adrio, per ma\u00adte\u00adrie pri\u00adme, ob\u00adbli\u00adga\u00adzio\u00adna\u00adrio, mo\u00adne\u00adta\u00adrio etc.) e non al\u00adl\u2019a\u00adbi\u00adli\u00adt\u00e0 di com\u00adpra\u00adven\u00addi\u00adta del ge\u00adsto\u00adre del fon\u00addo. L\u2019o\u00adpe\u00adra del ge\u00adsto\u00adre si li\u00admi\u00adta a ve\u00adri\u00adfi\u00adca\u00adre la coe\u00adren\u00adza del fon\u00addo con l\u2019in\u00addi\u00adce di ri\u00adfe\u00adri\u00admen\u00adto (che pu\u00f2 va\u00adria\u00adre per ac\u00adqui\u00adsi\u00adzio\u00adni so\u00adcie\u00adta\u00adrie, fal\u00adli\u00admen\u00adti, crol\u00adli del\u00adle quo\u00adta\u00adzio\u00adni ecc.), non\u00adch\u00e9 cor\u00adreg\u00adger\u00adne il va\u00adlo\u00adre in caso di sco\u00adsta\u00admen\u00adti tra la quo\u00adta\u00adzio\u00adne del fon\u00addo e quel\u00adla del\u00adl\u2019in\u00addi\u00adce di ri\u00adfe\u00adri\u00admen\u00adto, che sono am\u00admes\u00adsi nel\u00adl\u2019or\u00addi\u00adne di po\u00adchi pun\u00adti per\u00adcen\u00adtua\u00adli (1% o 2%). <\/p>\n\n\n

La \u201cge\u00adstio\u00adne pas\u00adsi\u00adva\u201d ren\u00adde tali fon\u00addi mol\u00adto eco\u00adno\u00admi\u00adci, con spe\u00adse di ge\u00adstio\u00adne so\u00adli\u00adta\u00admen\u00adte in\u00adfe\u00adrio\u00adri al pun\u00adto per\u00adcen\u00adtua\u00adle, e quin\u00addi com\u00adpe\u00adti\u00adti\u00advi nei con\u00adfron\u00adti dei fon\u00addi at\u00adti\u00advi<\/a>. La loro di\u00adver\u00adsi\u00adfi\u00adca\u00adzio\u00adne gran\u00adde o enor\u00adme, uni\u00adta alla ne\u00adgo\u00adzia\u00adzio\u00adne bor\u00adsi\u00adsti\u00adca, li ren\u00adde com\u00adpe\u00adti\u00adti\u00advi nei con\u00adfron\u00adti del\u00adl\u2019in\u00adve\u00adsti\u00admen\u00adto in sin\u00adgo\u00adle azio\u00adni<\/a>. Et voi\u00adl\u00e0 ! <\/p>\n\n\n

Sono nati ne\u00adgli Sta\u00adti Uni\u00adti<\/a> nel 1993, ne\u00adgo\u00adzia\u00adti nell\u2019AMEX<\/a> per ri\u00adpro\u00addur\u00adre l\u2019an\u00adda\u00admen\u00adto del\u00adl\u2019in\u00addi\u00adce Stan\u00addard & Poor 500<\/a>; (in Ita\u00adlia<\/a> sono sta\u00adti quo\u00adta\u00adti a par\u00adti\u00adre dal 2002<\/a>). <\/p>\n\n\n

Gli ETF si pos\u00adso\u00adno de\u00adfi\u00adni\u00adre an\u00adche \u201cclo\u00adni fi\u00adnan\u00adzia\u00adrii\u201d per\u00adch\u00e8 imi\u00adta\u00adno fe\u00addel\u00admen\u00adte l\u2019an\u00adda\u00admen\u00adto di un de\u00adter\u00admi\u00adna\u00adto in\u00addi\u00adce. <\/p>\n\n\n

Con\u00adti\u00adnua En\u00adri\u00adco Mar\u00adro: \u201cOr\u00admai esi\u00adsto\u00adno \u201cclo\u00adni\u201d di ogni tipo, da quel\u00adli le\u00adga\u00adti alle quo\u00adte rosa a quel\u00adli che se\u00adguo\u00adno la Bib\u00adbia, da quel\u00adli che in\u00adve\u00adsto\u00adno ascol\u00adtan\u00addo Twit\u00adter a quel\u00adli gui\u00adda\u00adti dal\u00adle in\u00adtel\u00adli\u00adgen\u00adze ar\u00adti\u00adfi\u00adcia\u00adli o che pun\u00adta\u00adno sul\u00adla ma\u00adri\u00adjua\u00adna te\u00adra\u00adpeu\u00adti\u00adca. Sen\u00adza con\u00adta\u00adre gli ETF che se\u00adguo\u00adno so\u00adfi\u00adsti\u00adca\u00adte stra\u00adte\u00adgie \u201csmart beta\u201d, pi\u00f9 o meno con\u00adtro\u00adcor\u00adren\u00adti, tal\u00advol\u00adta stra\u00adva\u00adgan\u00adti. Man\u00adca solo un \u201cclo\u00adne\u201d sul Bit\u00adcoin, bloc\u00adca\u00adto sul na\u00adsce\u00adre dal\u00adle au\u00adto\u00adri\u00adt\u00e0 di re\u00adgo\u00adla\u00admen\u00adta\u00adzio\u00adne sta\u00adtu\u00adni\u00adten\u00adsi per ovvi mo\u00adti\u00advi di sta\u00adbi\u00adli\u00adt\u00e0 fi\u00adnan\u00adzia\u00adria e di buon\u00adsen\u00adso\u201d. <\/p>\n\n\n

Vor\u00adrei ag\u00adgiun\u00adge\u00adre a que\u00adsta spie\u00adga\u00adzio\u00adne tec\u00adni\u00adca al\u00adcu\u00adne con\u00adsi\u00adde\u00adra\u00adzio\u00adni di ma\u00adcro po\u00adli\u00adti\u00adca fi\u00adnan\u00adzia\u00adria. Pri\u00adma del boom del\u00adle bor\u00adse, e in det\u00adta\u00adglio pri\u00adma del\u00adl\u2019av\u00advio di Na\u00adsdaq, che ha so\u00adsti\u00adtui\u00adto la com\u00adpra\u00adven\u00addi\u00adta \u201cuma\u00adna\u201d con la com\u00adpra\u00adven\u00addi\u00adta di\u00adgi\u00adta\u00adle ge\u00adsti\u00adta da al\u00adgo\u00adrit\u00admi, il Va\u00adlo\u00adre di Scam\u00adbio (ca\u00adpi\u00adta\u00adliz\u00adza\u00adzio\u00adne fi\u00adnan\u00adzia\u00adria) era for\u00adte\u00admen\u00adte cor\u00adre\u00adla\u00adto con il Va\u00adlo\u00adre d\u2019U\u00adso (pro\u00addot\u00adto dal\u00adl\u2019e\u00adco\u00adno\u00admia rea\u00adle). Sem\u00adpli\u00adfi\u00adcan\u00addo si pu\u00f2 dire che la ric\u00adchez\u00adza ma\u00adte\u00adria\u00adle (il PIL) ave\u00adva un suo con\u00adtrap\u00adpas\u00adso ra\u00adgio\u00adne\u00advo\u00adle nel\u00adla ric\u00adchez\u00adza trat\u00adta\u00adta nel\u00adle bor\u00adse. Con l\u2019av\u00adven\u00adto di Na\u00adsdaq e la pri\u00adma col\u00adlo\u00adca\u00adzio\u00adne in bor\u00adsa del\u00adle so\u00adcie\u00adt\u00e0 \u201call di\u00adgi\u00adtal\u201d la fi\u00adnan\u00adza ini\u00adzia un per\u00adcor\u00adso di vir\u00adtua\u00adliz\u00adza\u00adzio\u00adne nu\u00adme\u00adri\u00adca, fa\u00advo\u00adri\u00adto da\u00adgli scam\u00adbi di\u00adgi\u00adta\u00adli che av\u00adven\u00adgo\u00adno in uno spa\u00adzio tem\u00adpo in cui la ve\u00adlo\u00adci\u00adt\u00e0 e i vo\u00adlu\u00admi ten\u00addo\u00adno a in\u00adfi\u00adni\u00adto men\u00adtre i tem\u00adpi d\u2019ac\u00adces\u00adso e di scam\u00adbio ten\u00addo\u00adno a zero. In que\u00adsta nuo\u00adva \u201cdi\u00admen\u00adsio\u00adne nu\u00adme\u00adri\u00adca-fi\u00adnan\u00adzia\u00adria\u201d la pro\u00addu\u00adzio\u00adne di va\u00adlo\u00adre di scam\u00adbio vie\u00adne esal\u00adta\u00adta e cre\u00adsce espo\u00adnen\u00adzial\u00admen\u00adte il suo vo\u00adlu\u00adme \u201csle\u00adgan\u00addo\u00adsi\u201d dal con\u00adtrap\u00adpas\u00adso ma\u00adte\u00adri\u00adco (l\u2019e\u00adco\u00adno\u00admia rea\u00adle). Ci\u00f2 ha con\u00adsen\u00adti\u00adto agli spe\u00adcu\u00adla\u00adto\u00adri di ac\u00adce\u00adde\u00adre alla pro\u00addu\u00adzio\u00adne e ge\u00adstio\u00adne di mas\u00adse fi\u00adnan\u00adzia\u00adrie ster\u00admi\u00adna\u00adte, che ven\u00adgo\u00adno crea\u00adte in con\u00adti\u00adnua\u00adzio\u00adne sem\u00adpli\u00adce\u00admen\u00adte gra\u00adzie alla mol\u00adti\u00adpli\u00adca\u00adzio\u00adne de\u00adgli \u201cscam\u00adbi\u201d e non han\u00adno a che ve\u00adde\u00adre con l\u2019e\u00adco\u00adno\u00admia ma\u00adte\u00adri\u00adca rea\u00adle. Tan\u00adt\u2019\u00e8 che \u00e8 noto or\u00admai che per ogni dol\u00adla\u00adro o euro cor\u00adri\u00adspon\u00adden\u00adte a va\u00adlo\u00adre d\u2019u\u00adso (eco\u00adno\u00admia rea\u00adle) esi\u00adste in cir\u00adco\u00adla\u00adzio\u00adne nel\u00adle bor\u00adse (se\u00adcon\u00addo il FMI ) un va\u00adlo\u00adre equi\u00adva\u00adlen\u00adte un po\u2019 mag\u00adgio\u00adre. Cos\u00ec ce la rac\u00adcon\u00adta l\u2019F\u00adMI. Se\u00adcon\u00addo al\u00adtre fon\u00adti per\u00f2 il va\u00adlo\u00adre del\u00adla ca\u00adpi\u00adta\u00adliz\u00adza\u00adzio\u00adne nel\u00adle bor\u00adse sa\u00adreb\u00adbe da 4 a 8 vol\u00adte su\u00adpe\u00adrio\u00adre a quel\u00adlo del PIL pla\u00adne\u00adta\u00adrio.<\/p>\n\n\n

Ecco un\u2019al\u00adtra spie\u00adga\u00adzio\u00adne \u2013 ab\u00adba\u00adstan\u00adza scon\u00adcer\u00adtan\u00adte \u2013 del per\u00adch\u00e8 35.000 ad\u00addet\u00adti ge\u00adsti\u00adsco\u00adno un va\u00adlo\u00adre equi\u00adva\u00adlen\u00adte a quel\u00adlo che vie\u00adne pro\u00addot\u00adto da 3,5 mi\u00adliar\u00addi di uma\u00adni. <\/p>\n\n\n

Ve\u00addia\u00admo ora la sce\u00adna dal pun\u00adto di vi\u00adsta del\u00adle nor\u00adme. <\/p>\n\n\n

Nel 1933 in USA il Ban\u00adking Act ven\u00adne in\u00adse\u00adri\u00adto al\u00adl\u2019in\u00adter\u00adno del\u00adla pi\u00f9 am\u00adpia leg\u00adge Glass-Stea\u00adgall Act. Era la ri\u00adspo\u00adsta alla cri\u00adsi fi\u00adnan\u00adzia\u00adria del 1929, mi\u00adra\u00adta a in\u00adtro\u00addur\u00adre mi\u00adsu\u00adre per con\u00adte\u00adne\u00adre la spe\u00adcu\u00adla\u00adzio\u00adne da par\u00adte de\u00adgli in\u00adter\u00adme\u00addia\u00adri fi\u00adnan\u00adzia\u00adri<\/a> e pre\u00adve\u00adni\u00adre le si\u00adtua\u00adzio\u00adni di pa\u00adni\u00adco ban\u00adca\u00adrio. Tra le mi\u00adsu\u00adre si pre\u00adve\u00adde\u00adva l\u2019in\u00adtro\u00addu\u00adzio\u00adne di una net\u00adta se\u00adpa\u00adra\u00adzio\u00adne tra at\u00adti\u00advi\u00adt\u00e0 ban\u00adca\u00adria tra\u00addi\u00adzio\u00adna\u00adle e at\u00adti\u00advi\u00adt\u00e0 ban\u00adca\u00adria di in\u00adve\u00adsti\u00admen\u00adto<\/a>. In base alla leg\u00adge, le due at\u00adti\u00advi\u00adt\u00e0 non po\u00adte\u00adro\u00adno pi\u00f9 es\u00adse\u00adre eser\u00adci\u00adta\u00adte dal\u00adlo stes\u00adso in\u00adter\u00adme\u00addia\u00adrio, rea\u00adliz\u00adzan\u00addo\u00adsi cos\u00ec la se\u00adpa\u00adra\u00adzio\u00adne tra ban\u00adche com\u00admer\u00adcia\u00adli e ban\u00adche di in\u00adve\u00adsti\u00admen\u00adto<\/a>. Si im\u00adpe\u00addi\u00adva, di fat\u00adto, che l\u2019e\u00adco\u00adno\u00admia rea\u00adle fos\u00adse di\u00adret\u00adta\u00admen\u00adte espo\u00adsta al\u00adl\u2019in\u00adfluen\u00adza del\u00adla fi\u00adnan\u00adza. A cau\u00adsa del\u00adla sua suc\u00adces\u00adsi\u00adva abro\u00adga\u00adzio\u00adne nel 1999, nel\u00adla cri\u00adsi del 2007<\/a> \u00e8 ac\u00adca\u00addu\u00adto in\u00adve\u00adce pro\u00adprio il con\u00adtra\u00adrio: l\u2019in\u00adsol\u00adven\u00adza nel mer\u00adca\u00adto dei mu\u00adtui sub\u00adpri\u00adme<\/a>, ini\u00adzia\u00adta nel 2006, ha sca\u00adte\u00adna\u00adto una cri\u00adsi di li\u00adqui\u00addi\u00adt\u00e0 che si \u00e8 tra\u00adsmes\u00adsa im\u00adme\u00addia\u00adta\u00admen\u00adte al\u00adl\u2019at\u00adti\u00advi\u00adt\u00e0 ban\u00adca\u00adria tra\u00addi\u00adzio\u00adna\u00adle, per\u00adch\u00e8 que\u00adst\u2019ul\u00adti\u00adma era in com\u00admi\u00adstio\u00adne con l\u2019at\u00adti\u00advi\u00adt\u00e0 di in\u00adve\u00adsti\u00admen\u00adto.<\/p>\n\n\n

Tra gli ef\u00adfet\u00adti del\u00adl\u2019a\u00adbro\u00adga\u00adzio\u00adne si \u00e8 per\u00admes\u00adso la co\u00adsti\u00adtu\u00adzio\u00adne di grup\u00adpi ban\u00adca\u00adri che, al loro in\u00adter\u00adno, con\u00adsen\u00adto\u00adno, sep\u00adpur con al\u00adcu\u00adne li\u00admi\u00adta\u00adzio\u00adni, di eser\u00adci\u00adta\u00adre sia l\u2019at\u00adti\u00advi\u00adt\u00e0 ban\u00adca\u00adria tra\u00addi\u00adzio\u00adna\u00adle sia l\u2019at\u00adti\u00advi\u00adt\u00e0 as\u00adsi\u00adcu\u00adra\u00adti\u00adva e di in\u00advest\u00adment ban\u00adking. Dopo la nuo\u00adva Gran\u00adde re\u00adces\u00adsio\u00adne<\/a> del 2008, du\u00adran\u00adte la pre\u00adsi\u00adden\u00adza Oba\u00adma<\/a>, si ten\u00adt\u00f2 di ri\u00adpri\u00adsti\u00adna\u00adre al\u00adme\u00adno par\u00adzial\u00admen\u00adte la Glass Stea\u00adgall con il Dodd-Frank Act<\/a>. In real\u00adt\u00e0 la por\u00adta si era aper\u00adta e i buoi era\u00adno gi\u00e0 tut\u00adti scap\u00adpa\u00adti. Oggi al\u00adcu\u00adni os\u00adser\u00adva\u00adto\u00adri ri\u00adten\u00adgo\u00adno che la mar\u00adcia trion\u00adfa\u00adle dei Mu\u00adtual Funds \u00e8 sta\u00adta resa pos\u00adsi\u00adbi\u00adle pro\u00adprio dal\u00adl\u2019a\u00adbro\u00adga\u00adzio\u00adne del Glass-Stea\u00adgall  Act. <\/p>\n\n\n

E in\u00adfat\u00adti l\u2019en\u00adti\u00adt\u00e0 del cam\u00adbia\u00admen\u00adto \u00e8 sor\u00adpren\u00adden\u00adte: dal 2007 al 2016, i fon\u00addi ge\u00adsti\u00adti at\u00adti\u00adva\u00admen\u00adte han\u00adno re\u00adgi\u00adstra\u00adto de\u00adflus\u00adsi per cir\u00adca 1.200 mi\u00adliar\u00addi di dol\u00adla\u00adri USA, men\u00adtre i fon\u00addi in\u00addi\u00adciz\u00adza\u00adti han\u00adno avu\u00adto af\u00adflus\u00adsi di ol\u00adtre 1.400 mi\u00adliar\u00addi di dol\u00adla\u00adri USA<\/a>.<\/p>\n\n\n

Giun\u00adgia\u00admo ora a del\u00adle con\u00adsi\u00adde\u00adra\u00adzio\u00adni-con\u00adclu\u00adsio\u00adni di or\u00addi\u00adne sto\u00adri\u00adco fi\u00adlo\u00adso\u00adfi\u00adco che ri\u00adguar\u00adda\u00adno il com\u00adpor\u00adta\u00admen\u00adto col\u00adlet\u00adti\u00advo del\u00adla spe\u00adcie uma\u00adna. A se\u00adgui\u00adto del\u00adle Gran\u00addi Ri\u00advo\u00adlu\u00adzio\u00adni si era dif\u00adfu\u00adsa l\u2019i\u00addea di ugua\u00adglian\u00adza e i Di\u00adrit\u00adti, in al\u00adcu\u00adne sta\u00adgio\u00adni, ap\u00adpa\u00adri\u00adva\u00adno mi\u00adglio\u00adri de\u00adgli In\u00adte\u00adres\u00adsi. Ci\u00f2 ri\u00adman\u00adda\u00adva al\u00adl\u2019i\u00addea di di\u00adstri\u00adbu\u00adzio\u00adne del\u00adla ric\u00adchez\u00adza, da per\u00adse\u00adgui\u00adre gra\u00adzie alla con\u00adtrat\u00adta\u00adzio\u00adne tra For\u00adza La\u00advo\u00adro e Ca\u00adpi\u00adta\u00adle. Era un\u2019a\u00adzio\u00adne che si con\u00adcla\u00adma\u00adva con l\u2019i\u00adpo\u00adte\u00adsi che i mez\u00adzi di pro\u00addu\u00adzio\u00adne do\u00adves\u00adse\u00adro ap\u00adpar\u00adte\u00adne\u00adre a chi pro\u00addu\u00adce\u00adva di fat\u00adto la ric\u00adchez\u00adza e non ai Pa\u00addro\u00adni del Ca\u00adpi\u00adta\u00adle. No\u00adno\u00adstan\u00adte le mol\u00adte bat\u00adta\u00adglie ci\u00advi\u00adli e po\u00adli\u00adti\u00adche, con la resa in\u00adcon\u00addi\u00adzio\u00adna\u00adta del\u00adl\u2019URSS e il tra\u00admon\u00adto del\u00adle idee so\u00adcia\u00adli\u00adste e co\u00admu\u00adni\u00adste, il ca\u00adpi\u00adta\u00adli\u00adsmo e i suoi suc\u00adce\u00adda\u00adnei han\u00adno vin\u00adto il brac\u00adcio di fer\u00adro con le mas\u00adse ope\u00adra\u00adie e con\u00adta\u00addi\u00adne e con la clas\u00adse di in\u00adtel\u00adlet\u00adtua\u00adli che li so\u00adste\u00adne\u00adva\u00adno. Le Eli\u00adtes han\u00adno im\u00adpo\u00adsto un neo\u00adli\u00adbe\u00adri\u00adsmo che si fon\u00adda non pi\u00f9 e non solo sul\u00adl\u2019e\u00adge\u00admo\u00adnia de\u00adri\u00advan\u00adte da ac\u00adcu\u00admu\u00adlo di plu\u00adsva\u00adlo\u00adre ri\u00adca\u00adva\u00adto dal\u00adla pro\u00addu\u00adzio\u00adne di mer\u00adci, ma su una se\u00adrie di nuo\u00adve fon\u00adti di red\u00addi\u00adto, tra le qua\u00adli bril\u00adla \u2013 come de\u00adscrit\u00adto \u2013 la pro\u00addu\u00adzio\u00adne in\u00adcon\u00adtrol\u00adla\u00adta di va\u00adlo\u00adre di scam\u00adbio nel\u00adle bor\u00adse. <\/p>\n\n\n

Eb\u00adbe\u00adne, \u00e8 qui che si \u00e8 po\u00adsta la scel\u00adta da par\u00adte del\u00adla po\u00adpo\u00adla\u00adzio\u00adne mon\u00addia\u00adle ne\u00adgli ul\u00adti\u00admi 30 anni: \u00e8 me\u00adglio lot\u00adta\u00adre per pos\u00adse\u00adde\u00adre i mez\u00adzi e le in\u00adfra\u00adstrut\u00adtu\u00adre di pro\u00addu\u00adzio\u00adne o \u00e8 me\u00adglio ten\u00adta\u00adre di par\u00adte\u00adci\u00adpa\u00adre agli uti\u00adli che il si\u00adste\u00adma neo\u00adli\u00adbe\u00adri\u00adsta pro\u00addu\u00adce in bor\u00adsa? <\/p>\n\n\n

Vi\u00adsto lo scar\u00adto svan\u00adtag\u00adgio\u00adso tra i vo\u00adlu\u00admi del\u00adl\u2019e\u00adco\u00adno\u00admia rea\u00adle e quel\u00adli del\u00adla fi\u00adnan\u00adza-nu\u00adme\u00adri\u00adca; vi\u00adste le ali\u00adquo\u00adte di tas\u00adsa\u00adzio\u00adne ri\u00adspet\u00adti\u00adve che fa\u00advo\u00adri\u00adsco\u00adno la fi\u00adnan\u00adza; uni\u00adta\u00admen\u00adte alla pro\u00adpa\u00adgan\u00adda po\u00adli\u00adti\u00adca, alla se\u00addu\u00adzio\u00adne del\u00adla pub\u00adbli\u00adci\u00adt\u00e0 e al\u00adl\u2019in\u00addu\u00adzio\u00adne di sti\u00adli di vita fa\u00advo\u00adre\u00advo\u00adli al li\u00adbe\u00adri\u00adsmo in\u00addi\u00advi\u00addua\u00adli\u00adsta, la scel\u00adta si sta sem\u00adpre pi\u00f9 orien\u00adtan\u00addo ver\u00adso la se\u00adcon\u00adda op\u00adzio\u00adne. E cos\u00ec la welt\u00adan\u00adschaung an\u00adglo-ame\u00adri\u00adcan neo\u00adli\u00adbe\u00adri\u00adsta, ca\u00adrat\u00adte\u00adriz\u00adza\u00adta dal\u00adl\u2019ac\u00adcet\u00adta\u00adzio\u00adne del\u00adla \u201cscom\u00admes\u00adsa\u201d bat\u00adte ai pun\u00adti le vi\u00adsio\u00adni ca\u00adrat\u00adte\u00adriz\u00adza\u00adte dal\u00adla ri\u00adcer\u00adca del\u00adle \u201ccer\u00adtez\u00adze\u201d. In que\u00adsto mo\u00admen\u00adto de\u00adci\u00adne (for\u00adse cen\u00adti\u00adna\u00adia) di mi\u00adlio\u00adni di ri\u00adspar\u00admia\u00adto\u00adri e mi\u00adlio\u00adni di pic\u00adco\u00adle e me\u00addie azien\u00adde non re-in\u00adve\u00adsto\u00adno i pro\u00adpri ri\u00adspar\u00admi e le pro\u00adprie ec\u00adce\u00adden\u00adze di ca\u00adpi\u00adta\u00adle in strut\u00adtu\u00adre pro\u00addut\u00adti\u00adve e solo un\u2019e\u00adsi\u00adgua mi\u00adno\u00adran\u00adza im\u00adma\u00adgi\u00adna di ge\u00adne\u00adra\u00adre la\u00advo\u00adro per s\u00e9 e per i pro\u00adpri \u201cugua\u00adli\u201d. Non ci pen\u00adsa\u00adno pro\u00adprio! Non ap\u00adpe\u00adna c\u2019\u00e8 un po\u2019 di ri\u00adspar\u00admio, un trat\u00adta\u00admen\u00adto di fine rap\u00adpor\u00adto, un la\u00adsci\u00adto ere\u00addi\u00adta\u00adrio o un ca\u00adpi\u00adta\u00adle im\u00admo\u00adbi\u00adliz\u00adza\u00adto, la stra\u00adgran\u00adde mag\u00adgio\u00adran\u00adza cer\u00adca \u201cuna via bre\u00adve\u201d per far\u00adlo frut\u00adta\u00adre, ov\u00adve\u00adro il modo mi\u00adglio\u00adre di in\u00adve\u00adstir\u00adlo per trar\u00adne uti\u00adli e ren\u00addi\u00adte di po\u00adsi\u00adzio\u00adne sen\u00adza af\u00adfa\u00adti\u00adcar\u00adsi e pre\u00adoc\u00adcu\u00adpar\u00adsi \u201cdel pros\u00adsi\u00admo\u201d.<\/p>\n\n\n

Un dato elo\u00adquen\u00adte: se\u00adcon\u00addo un\u2019a\u00adna\u00adli\u00adsi di Mor\u00adning\u00adstar ri\u00adpor\u00adta\u00adta dal Fi\u00adnan\u00adcial Ti\u00admes<\/em>, Blac\u00adkRock e Van\u00adguard nel 2018 han\u00adno rac\u00adcol\u00adto da soli il 57% di quan\u00adto af\u00adflui\u00adto glo\u00adbal\u00admen\u00adte nel va\u00adrie\u00adga\u00adto pa\u00adno\u00adra\u00adma dei fon\u00addi co\u00admu\u00adni. <\/p>\n\n\n

Di\u00adcia\u00admo che nel\u00adl\u2019e\u00adter\u00adno oscil\u00adla\u00adre tra in\u00addi\u00advi\u00addua\u00adli\u00adsmo e so\u00adli\u00adda\u00adrie\u00adt\u00e0 col\u00adlet\u00adti\u00adva, il polo che rap\u00adpre\u00adsen\u00adta gli in\u00adte\u00adres\u00adsi per\u00adso\u00adna\u00adli im\u00adme\u00addia\u00adti e mi\u00adsu\u00adra\u00adbi\u00adli sta con\u00addu\u00adcen\u00addo la par\u00adti\u00adta su un ter\u00adre\u00adno che \u00e8 to\u00adtal\u00admen\u00adte sfug\u00adgi\u00adto al con\u00adtrol\u00adlo del\u00adl\u2019U\u00adma\u00adne\u00adsi\u00admo so\u00adli\u00adda\u00adle. <\/p>\n\n\n

Per tor\u00adna\u00adre al\u00adl\u2019ar\u00adgo\u00admen\u00adto Mu\u00adtual Funds e con\u00adclu\u00adde\u00adre: sono in mol\u00adti a ri\u00adte\u00adne\u00adre che sia tut\u00adto le\u00adci\u00adto e che il loro suc\u00adces\u00adso sia de\u00adter\u00admi\u00adna\u00adto da cir\u00adco\u00adstan\u00adze sto\u00adri\u00adche e co\u00adno\u00adscen\u00adze alte e su\u00adpe\u00adrio\u00adri alla me\u00addia del\u00adle ca\u00adpa\u00adci\u00adt\u00e0 di mas\u00adsa. Ma si sa che die\u00adtro que\u00adsta im\u00adma\u00adgi\u00adne di ef\u00adfi\u00adcien\u00adza si ce\u00adla\u00adno pra\u00adti\u00adche mol\u00adto opa\u00adche e am\u00adbi\u00adgue. Pra\u00adti\u00adche che po\u00adtreb\u00adbe\u00adro con\u00adsen\u00adti\u00adre per\u00adfi\u00adno, vi\u00adste le enor\u00admi quan\u00adti\u00adt\u00e0 di de\u00adna\u00adro in bal\u00adlo, di com\u00adpra\u00adre non solo i ma\u00adna\u00adger del\u00adle azien\u00adde ma an\u00adche i Go\u00adver\u00adni e le Op\u00adpo\u00adsi\u00adzio\u00adni del\u00adle de\u00admo\u00adcra\u00adzie. Te\u00adnia\u00admo\u00adne con\u00adto. <\/p>\n","protected":false},"excerpt":{"rendered":"

di Glauco Benigni Si chia\u00adma\u00adno Van\u00adguard, Blac\u00adkRock e Sta\u00adte Street Glo\u00adbal Ad\u00advi\u00adsor, sono i 3 mag\u00adgio\u00adri Mu\u00adtual Funds del mon\u00addo e sono i registi occulti della verticalizzazione del potere Sono noti an\u00adche come \u201cFon\u00addi co\u00admu\u00adni\u201d, ov\u00adve\u00adro Fon\u00addi di in\u00adve\u00adsti\u00admen\u00adto\u2026<\/p>\n","protected":false},"author":1,"featured_media":2941,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[129],"class_list":["post-2939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sostenibilita-ed-economie-trasformative","tag-mondo"],"yoast_head":"\nLe tre eminenze grigie della finanza - Other News - Voci controcorrente<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.other-news.info\/notizie\/2020\/08\/06\/le-tre-eminenze-grigie-della-finanza\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Le tre eminenze grigie della finanza - 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