Crise Global 74

Quem irá saldar as dívidas públicas?

Depois de os governos terem resgatado os bancos, emprestando-lhes dinheiro virtual (boa parte dele só existe nos computadores!) a custo zero, ou quase, para que depois estes estejam agora numa corrida às dívidas soberanas bem remuneradas de um número crescente de Estados falidos, com grande colaboração dos famigerados paraísos fiscais, quem irá resgatar os países atolados em contas por pagar depois deste Verão?

Irish Banks Need $43 Billion on ‘Appalling’ Lending (Update4)

March 31 (Bloomberg) -- Ireland’s banks  need $43 billion in new capital after “appalling” lending decisions left the country’s financial system on the brink of collapse.

The fund-raising requirement was announced after the National Asset Management Agency said it will apply an average discount of 47 percent on the first block of loans it is buying from lenders as part of a plan to revive the financial system. The central bank set new capital buffers for Allied Irish Banks Plc and Bank of Ireland Plc and gave them 30 days to say how they will raise the funds.

“Our worst fears have been surpassed,” Finance Minister Brian Lenihan said in the parliament in Dublin yesterday. “Irish banking made appalling lending decisions that will cost the taxpayer dearly for years to come.”

Post-Apocalyptic zombie finance

March 23 (ASIA Times Online) -- Governments averted a financial apocalypse in 2009 by bailing out the bankrupt banking system. But who will bail out the governments? The answer for the time being is that they will bail themselves out at the expense of the private economy. In the post-apocalyptic financial world, private banks have turned into flesh-eating zombies that cannibalize the private economy in order to finance government borrowing requirements not seen since World War II.

… The US Treasury has become dependent on global private banks. According to Treasury data, $108 billion of the $180 billion in net foreign purchases of US Treasury securities during the three months through January came from London and the Cayman Islands. — By Spengler


Lipsky Says Debt Challenges Face Advanced Economies (Update1)

March 21 (Bloomberg) -- Advanced economies face “acute” challenges in tackling high public debt, and unwinding existing stimulus measures will not come close to bringing deficits back to prudent levels, said John Lipsky, first deputy managing director of the International Monetary Fund.

All G7 countries, except Canada and Germany, will have debt-to-GDP ratios close to or exceeding 100 percent by 2014, Lipsky said in a speech today at the China Development Forum in Beijing. Already this year, the average ratio in advanced economies is expected to reach the levels seen in 1950, after World War II, he said. The government debt ratio in some emerging market nations had also reached a “worrisome level.” — By Joyce Koh.

O grande dilema é este:

1. a China acaba de proibir a compra-e-venda de terrenos para construção no país, ao mesmo tempo que lança um vasto programa de habitação social nova e reparação de casas e infraestruturas degradadas (The Daily Bell). Por outro lado, diminui drasticamente as suas compras de moeda (1) e de dívida americana (2). Razões para estas duas decisões cruciais? Não pode continuar a financiar as suas exportações para o seu maior cliente, os Estados Unidos, pois de volta apenas recebe IOU sem garantias — i.e. dinheiro puramente virtual.
2. a Alemanha ameaçou os PIIGS de expulsão da moeda única europeia (ou pelo menos de uma quarentena apertada), pois percebeu que não pode continuar a financiar as suas exportações para países que há muito esgotaram os respectivos recursos estratégicos e cujo endividamento público e privado entrou numa curva exponencial. Basta reparar no crescimento assustador do serviço da dívida em Portugal, Espanha, Irlanda, Grécia, mas também em França, Itália, Japão, Reino Unido e Estados Unidos (5 dos G7), para imaginar onde tudo isto vai acabar por levar a economia mundial.

Os maiores exportadores globais de bens transaccionáveis (União Europeia, China, Alemanha, Estados Unidos e Japão) estão numa situação potencialmente mais explosiva do que aquela em que encontram os detentores das principais reservas energéticas do planeta (Arábia Saudita, Irão, Iraque, Rússia, Brasil). Estes últimos continuarão sem grandes problemas, na medida em que o petróleo (3) e o gás natural escasseiam e a população mundial continua a expandir, precisando de quantidades crescentes de água potável e alimentos. Os exportadores de bens industriais, pelo contrário, precisam de vender bens de que não precisamos ou que não podemos comprar por estarmos demasiado endividados.

A recessão mundial está assim para durar. E a inflação galopante pode estar apenas ao virar de uma esquina. Na Irlanda, em Atenas, Madrid, Lisboa ou Londres!


NOTAS

1. Reserves Shifting Away from the Dollar? — Mar 31, 2010 (Roubini) -- Global central banks, which managed over US$8 trillion in reserves at the end of 2009, according to IMF, estimates have been gradually diversifying their portfolios. The dollar share has inched down since 2000. The appreciation of the U.S. dollar and central bank participation in the global flight to safety slightly boosted the dollar share in 2008 to around 65% of the institutions that report their currency composition.
   
2. China sells $34.2bn of US treasury bonds -- February 17, 2010 (Guardian) -- China sold $34bn (£21.5bn) worth of US government bonds in December, raising fears that ­Beijing is using its financial ­muscle to signal that it has lost confidence in American economic policy.
   
   US treasury figures for the period ending in December 2009 show that, following the sale, China is no longer the largest overseas holder of US treasury bonds. Beijing ended the year sitting on $755.4bn worth of US government debt, compared to Japan's $768.8bn.
   
   China Slows Purchases of U.S. and Other Bonds -- HONG KONG, April 12, 2009 (The New York Times) -- Reversing its role as the world’s fastest-growing buyer of United States Treasuries and other foreign bonds, the Chinese government actually sold bonds heavily in January and February before resuming purchases in March, according to data released during the weekend by China’s central bank.
   
3. Energy prices rally on hopes for demand — SAN FRANCISCO, April 1, 2010(MarketWatch) -- Energy futures rallied Thursday, with oil rising for a fourth consecutive session to nearly $85 a barrel and natural gas prices rising after a smaller-than-expected increase in storage levels in the U.S.

OAM 678—2 Abril 2010 1:59 (última actualização: 11:56)