Les risques que le dollars US s’effondre sont extrèmes. La baisse des taux de la fed risquent de provoquer une fuite massive. Pour la première fois l’Arabie Saoudite et le Kowait ont décidés de ne pas suivre la fed avec sa baisse. Pire les Saoudiens songent à abandonner le billet vert américain au profit de l’Euro…
[Telegraph] Jim Rogers, the commodity king and former partner of George Soros, said the Federal Reserve was playing with fire by cutting rates so aggressively at a time when the dollar was already under pressure.
The risk is that flight from US bonds could push up the long-term yields that form the base price of credit for most mortgages, the driving the property market into even deeper crisis.
« If Ben Bernanke starts running those printing presses even faster than he’s already doing, we are going to have a serious recession. The dollar’s going to collapse, the bond market’s going to collapse. There’s going to be a lot of problems, » he said.
The Federal Reserve, however, clearly calculates the risk of a sudden downturn is now so great that the it outweighs dangers of a dollar slide.
Former Fed chief Alan Greenspan said this week that house prices may fall by « double digits » as the subprime crisis bites harder, prompting households to cut back sharply on spending.
For Saudi Arabia, the dollar peg has clearly become a liability. Inflation has risen to 4pc and the M3 broad money supply is surging at 22pc.
[Reuters] NEW YORK (Reuters) – U.S. stocks fell on Thursday as a weakened dollar and a surge in oil prices kindled fresh concerns about inflation, snuffing out a two-day rally that followed the Federal Reserve’s deep interest-rate cut.
Initial optimism that the Fed’s aggressive move would keep the economy out of recession gave way to concerns about the inflationary impact of a flagging dollar, which raises the cost of imported goods.