Tuesday, July 17, 2012

Crise de dívida? Ou o contrário?

The World Is Experiencing The Opposite Of A Sovereign Debt Crisis, por Joe Weisenthal (Business Insider):

The problems of Spain, Italy, and Greece are often pointed to as being somehow bleeding-edge, canaries in the coalmine that serve as warnings to other governments of what might happen if they don't get their acts together.

But the real story today is just the opposite. The world is experiencing whatever the reverse of a sovereign debt crisis is, as borrowing costs for government are plummeting EVERYWHERE. (...)

You might be tempted to say, well, okay but the Fed is manipulating rates, or that the US is just the "cleanest dirty shirt" but both of these explanations fail when you look at the wide sweep of borrowing costs around the world. (...)

France (which is thought of as a beautiful fiscal model) is seeing its 10-year borrowing costs at 2.228%.
Here are the yields on some other 10-year Treasuries around the world.

Japan: 0.778%
Germany: 1.26%
UK: 1.549%
Sweden: 1.285%
Finland: 1.501%
Canada: 1.635%


None of this is actually "good" news.

What this essentially means is that there's a lot of money out there that sees no productive investments in the real world, and thus people are willing to stick it with entities that promise them a very meager return.
But it is a good reminder that the crisis is basically the exact opposite of what so many mainstream commenters say it is.

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