Prove tecniche di Bretton Woods Nr. 2?

Due articoli hanno attratto oggi la mia attenzione:

1. "Central Banks to Lend US Dollars to Euro Zone Banks" CNBC 15/9, in cui si parla di un'azione coordinata delle 5 principali banche centrali internazionali (The European Central Bank, US Federal Reserve, the Bank of England, the Swiss National Bank and the Bank of Japan) per rifornire di Dollari USA i rispettivi mercati. La misura si protrarrà fino a fine anno;

The European Central Bank said on Thursday it would hold three fixed-rate operations between October and December to offer banks as many dollars as they needed, in order to ease any funding crunch in the year-end period.

2. "Does the Euro Have a Future?" di George Soros, in cui si propongono 4 soluzioni per proteggersi da un default dell'Eurozona, la cui possibilità deve (!) essere presa in considerazione.

To prevent a financial meltdown, four sets of measures would have to be taken. First, bank deposits have to be protected. If a euro deposited in a Greek bank would be lost to the depositor, a euro deposited in an Italian bank would then be worth less than one in a German or Dutch bank and there would be a run on the banks of other deficit countries. Second, some banks in the defaulting countries have to be kept functioning in order to keep the economy from breaking down. Third, the European banking system would have to be recapitalized and put under European, as distinct from national, supervision. Fourth, the government bonds of the other deficit countries would have to be protected from contagion. The last two requirements would apply even if no country defaults.

Che si stia andando verso un ancoraggio delle principali valute internazionali al Dollaro USA?

AGGIORNAMENTI

Giovedi 15 Settembre 2011: Ecco le allarmanti dichiarazioni di Nouriel Roubini, che parla di una seconda recessione (c.d. double dip) anticipata al 2012, rispetto all'iniziale previsione del 2013. Il motivo di questo anticipo è che il canale del credito bancario si sarebbe "rotto" e che ci aspetta un anno si "severa recessione". E aggiunge: sia la politica fiscale che monetaria è a corto di munizioni...

Nouriel Roubini : “I thought a few months ago that the perfect storm would be 2013, but now, the economic weakness in the U.S., eurozone and U.K. is front-loaded.” “So we’re going to double-dip earlier. The climax of it could be 2013 or it could be already earlier.” “There’ll be more monetary easing and quantitative easing done by the Fed and other central banks, but the credit channel is broken.” Nouriel Roubini told Bloomberg News. “Things are getting worse, and the big difference between now and a few years ago is that this time around, we’re running out of policy bullets.” “America’s recent data have been lousy: there has been little job creation, weak growth and flat consumption and manufacturing production. Housing remains depressed. Consumer, business and investor confidence has been falling, and will now fall further.” “Until last year policymakers could always produce a new rabbit from their hat to trigger asset reflation and economic recovery.” Roubini writes. “Zero policy rates, QE1, QE2, credit easing, fiscal stimulus, ring-fencing, liquidity provision to the tune of trillions of dollars and bailing out banks and financial institutions – all have been tried. But now we have run out of rabbits to reveal.” he added.

Matteo Olivieri
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