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Sind US Staatsanleihen sicher?

Fragt sich das US Anlegermagazin Barron´s und thematisiert die Blase am US Rentenmarkt. Die Handlungsempfehlung lautet: Get out now! Stay away from treasury bonds. “Get out now”

Helmut Wüllenweber

2 Kommentare

1 Jabberwock - 05.01.2009 um 18:02
2 Helmut - 06.01.2009 um 19:35

Willem Buiter, in den Jahren 1997 bis 2000 Mitglied des Führungsgremiums der Bank von England, lehrt heute an der London School of Economics schreibt in seinem Blog:

Because of its unique position as the world’s largest economy, the world’s one remaining military and political superpower (since the demise of the Soviet Union in 1991) and the world’s joint-leading financial centre (with the City of London), the US could offer foreign investors lousy US returns on their investments in the US, without causing them to take their money and run. If such was the case (a doubtful proposition at best, in my view), that time is definitely gone.  The past eight years of imperial overstretch, hubris and domestic and international abuse of power on the part of the Bush administration has left the US materially weakened financially, economically, politically and morally.  Even the most hard-nosed, Guantanamo-bay-indifferent potential foreign investor in the US must recognise that its financial system has collapsed. 

There will, before long (my best guess is between two and five years from now) be a global dumping of US dollar assets, including US government assets. Old habits die hard. The US dollar and US Treasury bills and bonds are still viewed as a safe haven by many.  But learning takes place.

The only alternative is default on the Federal debt.  There is little doubt, in my view, that the Federal authorities will choose the inflation and currency depreciation route over the default route.

Siehe auch den Beitrag “Können Zentralbanken Pleite gehen” hier im Markt-Daten-Blog.

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