Il n'y a pas de commentaires associés a cet article. Vous pouvez réagir.
1569Bloomberg.News a fait son enquête, d’où il ressort qu’on considère aujourd’hui, sur “les marchés”, qu’il est moins risqué de prêter de l’argent à un milliardaire comme Warren Buffet qu’au département du trésor des Etats-Unis. “C’est un événement excessivement rare”, commente un expert cité, que le gouvernement de la plus grande puissance du monde soit considéré par “les marchés” avec aussi peu de confiance.
D’ailleurs, on en parle ici et là, toujours selon Bloomberg.News, dans le même texte du 22 mars 2010: le gouvernement des Etats-Unis d’Amérique mérite-t-il encore son classement AAA que lui donnent, désormais du bout des lèvres, les agences spécialisées dans la chose? Moody, par exemple, n’est plus très optimiste à cet égard…
«The bond market is saying that it’s safer to lend to Warren Buffett than Barack Obama.
»Two-year notes sold by the billionaire’s Berkshire Hathaway Inc. in February yield 3.5 basis points less than Treasuries of similar maturity, according to data compiled by Bloomberg. Procter & Gamble Co., Johnson & Johnson and Lowe’s Cos. debt also traded at lower yields in recent weeks, a situation former Lehman Brothers Holdings Inc. chief fixed-income strategist Jack Malvey calls an “exceedingly rare” event in the history of the bond market.
»The $2.59 trillion of Treasury Department sales since the start of 2009 have created a glut as the budget deficit swelled to a post-World War II-record 10 percent of the economy and raised concerns whether the U.S. deserves its AAA credit rating. The increased borrowing may also undermine the first-quarter rally in Treasuries as the economy improves.
» “It’s a slap upside the head of the government,” said Mitchell Stapley, the chief fixed-income officer in Grand Rapids, Michigan, at Fifth Third Asset Management, which oversees $22 billion. “It could be the moment where hopefully you realize that risk is beginning to creep into your credit profile and the costs associated with that can be pretty scary.”
»While Treasuries backed by the full faith and credit of the government typically yield less than corporate debt, the relationship has flipped as Moody’s Investors Service predicts the U.S. will spend more on debt service as a percentage of revenue this year than any other top-rated country except the U.K. America will use about 7 percent of taxes for debt payments in 2010 and almost 11 percent in 2013, moving “substantially” closer to losing its AAA rating, Moody’s said last week.
»“Those economies have been caught in a crisis while they are highly leveraged,” said Pierre Cailleteau, the managing director of sovereign risk at Moody’s in London. “They have to make the required adjustment to stabilize markets without choking off growth.”»
dedefensa.org
-
