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AIRIS

Active Member
Hola family,

Y para finalizar el tocho, a mi que me gustan los numeritos, cuando se cumpla la fórmula:

LIBOR YEN + DIFERENCIAL LIBOR YEN = LIBOR € + DIFERENCIAL LIBOR €

Estaremos pagando EXACTAMENTE lo mismo en € que en Yen y estaremos amortizando lo mismo en una que en otro divisa, por tanto que cada uno tome sus decisiones...
.
Hombre, yo creo que no. Depende de lo que te cueste comprar esos yenes, en relación a tu precio de entrada. Que en estos días que vivimos, parece que es el gran problema.
 

Rul

Member
SIP, creo que la clave está en el USDJPY que es el denominador COMÚN en todos los cruces del YEN con TODAS las divisas y por eso el Yen se ha apreciado tanto.

Dependemos de que el USDYEN se vaya al garete y que el dolar actúe como moneda refugio sin que el EURUSD se vaya a menos de 1,20...

(CON LA SALCHICHA).

A eso me refería yo Raul, o tu crees que el $ Yen se puede ir a 110 otra vez en el corto plazo? Yo confiaba mas en el $ € a algo mas de 1,30 evidentemente pero vamos con mi salchicha tambien ;)

Saludos y un placer como siempre.....
Pues si Airis, sí, no depende de a cuánto compres o dejes de comprar la divisa.

Ejemplo:

LIBOR YEN + DIFERENCIAL LIBOR YEN = 0.50 + 0.90 = 1.40

LIBOR € + DIFERENCIAL LIBOR € = 1.40 + 0.40 = 1.80


En este caso SÓLO te ahorras 0,40% que es la diferencia de ambos (1.80 - 1.40). En el momento en el que se iguale, pagarás lo mismo de principal y de intereses en uno y en otro lado (Yen y €). Y por tanto, tu letra será la misma transformada a €.

(Aquí sin salchicha ;-)).

Hombre, yo creo que no. Depende de lo que te cueste comprar esos yenes, en relación a tu precio de entrada. Que en estos días que vivimos, parece que es el gran problema.
 
Última edición por un moderador:

otroyenero

Active Member
Jesús AT no estoy de acuerdo, creo que el EURUSD está pero que muy bien en esa lateralidad 1,25-1,30 (les conviene a los dos) es un valor "razonable" para ambos.

Lo que si que es raro, es un USDYEN < 110.

Recuerda JesusAT que en Agosto 2007 EURUSD = 1,33 y USDJOY = 122, estas son buenas cuentas ;-).

Pero vamos, con la salchicha en la mano (of course).
Totalmente de acuerdo contigo amigo. Eso es cierto y de echo para mi era defensivo estar en $ pues doy por supuesto que a los 2 les viene "bien" además el rango de fluctuación es menor y si me apuras a no ser que se vaya a 1,20 es una posición cómoda. Por eso como bien dices lo "raro" es ver 110 $Y y por eso digo yo que el par $ € moverá al yen finalmente si es que lo hace, porque piensa que si damos un máximo de 1.30 redondeando y un máximo de 104 $ Y redondeando que tenemos? Tenemos un 134/135 máximo no?




A eso me refería yo Raul, o tu crees que el $ Yen se puede ir a 110 otra vez en el corto plazo? Yo confiaba mas en el $ € a algo mas de 1,30 evidentemente pero vamos con mi salchicha tambien ;)

Con la salchica en la mano si vemos ambos cruces desde septiembre para acá vemos que se encuentran en niveles de noviembre 08. Sin embargo el EUR/USD llegó a estar poco después sobre 1.4x y el USD/YEN no ha estado en estos niveles desde antes de octubre. Con esto quiero decir que según mi impresión el USD/YEN lo veo en máximos de momento y que como JesusAT veo más moviendo el par el EUR/USD.
Además creo que están esperando cualquier noticia mala de EUR (vease EUR del Este) para pegarle un buen palo ya que cualquier noticia mala de EEUU le afecta más a EUR por la "aversión al riesgo" o no se qué excusas.

Pero yo ni idea !eh¡¡¡
 
Última edición:

omega

Active Member
Bueno ya que sus leo hablando de cruces con el USD sus pego una predicción savada de El Pais



Estimado Luis: Primero que nada, gracias por responder siempre a mis preguntas. Hoy te quiero hacer una pregunta que espero me respondas de una manera sencilla: ¿Cuál crees que va a ser la tendencia del euro frente al USD?.


De una manera sencilla y clara por diferentes motivos de la deuda en usa y sus problemas que tiene creo que este año después de verano veremos el euro dólar entorno los 1.8 - 1.9, y eso que Europa esta floja la economía yo no compraría dólares, solo vendería dólares

el enlace completo Entrevistas Digitales en ELPAÍS.com

Si acierta quiere decir que estaremos en torno a 150 en nuestra guerra por lomenos no'

S2
 

Jesus AT

Well-Known Member
Pues en esa estamos Omega, lo que pasa es que el $ se resiste y me lleva la contraria :D pero bueno todo se andará. Yo en mis 13 que la tinta les esta costando un "HUEVO" y que es cuestión de tiempo.... Señores seguimos bailando pero no olvidemos que esto es a largo.... todo se andará y todo puede ser......

Un saludo:)

Jesús

Bueno ya que sus leo hablando de cruces con el USD sus pego una predicción savada de El Pais



Estimado Luis: Primero que nada, gracias por responder siempre a mis preguntas. Hoy te quiero hacer una pregunta que espero me respondas de una manera sencilla: ¿Cuál crees que va a ser la tendencia del euro frente al USD?.


De una manera sencilla y clara por diferentes motivos de la deuda en usa y sus problemas que tiene creo que este año después de verano veremos el euro dólar entorno los 1.8 - 1.9, y eso que Europa esta floja la economía yo no compraría dólares, solo vendería dólares

el enlace completo Entrevistas Digitales en ELPAÍS.com

Si acierta quiere decir que estaremos en torno a 150 en nuestra guerra por lomenos no'

S2
 

morfoide

New Member
pues lo que desde luego esta asustandome es la lateralidad con que ultimamente se esta comportando en yen con respecto al euro
No sera la calma que precede a la tormenta (esperemos que de depreciacion del yen)
el caso es que al cierre esta muy cerca del dia anterior
 

ern

Member
El "susto" es un sentimiento que nos persigue a todos los multidivisalchicheros. Está claro que nos hemos metido en cosas que no controlamos, una caja negra accionable por dos mandos. Nos creemos que con nuestros mandos tenemos control pero no es así.

Partiendo de ese axioma, el susto nos acompaña permanentemente. Y me pregunto yo: ¿pq asustarse particularmente pq no hay volatilidad?
 

mikelg

Member
Eso sería lo + lógico...

Bueno ya que sus leo hablando de cruces con el USD sus pego una predicción savada de El Pais



Estimado Luis: Primero que nada, gracias por responder siempre a mis preguntas. Hoy te quiero hacer una pregunta que espero me respondas de una manera sencilla: ¿Cuál crees que va a ser la tendencia del euro frente al USD?.


De una manera sencilla y clara por diferentes motivos de la deuda en usa y sus problemas que tiene creo que este año después de verano veremos el euro dólar entorno los 1.8 - 1.9, y eso que Europa esta floja la economía yo no compraría dólares, solo vendería dólares

el enlace completo Entrevistas Digitales en ELPAÍS.com

Si acierta quiere decir que estaremos en torno a 150 en nuestra guerra por lomenos no'

S2

Pues si, Omega....
Eso mismo sigo pensando desde hace meses, a pesar de que tendría que haber ocurrido ya el tobogán del dólar.
Después de lo visto en el último mes...creo que lo aguantan como pueden, al fin y al cabo todos miran hacia ellos y les conviene....peeeeero con el agujero que tienen no podrán mucho más.....espero!!!

Mi impaciencia me hace mirar otras cosas, como por ej. la libra....creo que no caeré en la tentación...:D

Y en otro orden de cosas....
Os imaginais que la S&P de calificación de empresas no fuera americana????
puf, puf, puf
saludos y suerte...
 

mikelg

Member
Un apunte...

A ver como se lo comen en su apertura (14:30 por cambio de hora)...
Hoy rally de los buenos....esto promete...
ejem, ejem...
 

Miguel

Member
Perdonar mi intrusión e ignorancia pero es que no logro entender como puede haber un gráfico del eur/yen de treinta años si el euro nació hace mucho menos.
Me lo podríais explicar?

Gracias.
Estaba referenciado al marco aleman.
Adjunto grafico para poner de fondo de escritorio para los yeneros....
 
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tortuga

Member
Confío que en 2 semanitas lleguemos a 131. Y después del fin del año fiscal de los japo (31 de Marzo) nos vayamos prontito al famoso 141.
Con mi optimismo, veremos al yen rebasando 300 como con el marco.
¿Es o no es todo posible? Saludos pedazo de sufridores
 

musician

New Member
claro que si tortuga, di que si, a por los 300, jajajajajja. Pero un consejito, las drogas asi a mediodia despues de comer y tal, no son nada buenas ehh, jajajajajaaja.
 

mem

Member
El Euro/Yen ha tocado hoy un máximo diario en los 126,060 muy cerca de la importante resistencia de los 126,080
Muy atentos que tiene visos de ruptura. En gráfico diario parece que está dibujando una figura en forma de cuña que si se cumple debería proyectar un objetivo de subida hasta la zona de los 130,220 justo hasta las puertas del nivel clave de resistencia de los 131...

vamoosssss!!!!
 

hec

Member
Ern,

No estoy de acuerdo contigo del todo, ¿susto permanente? te puedo asegurar que yo duermo de fabula todos los días y esta claro que cuando entras y ves el cambio a 112 pues no nos gusta..... como es logico.

Pero de eso a asustarnos... esto son 30 añitos en mi caso (bueno ya solo 27...) y como todo en la vida me imaginaba (dentro del poco control que podemos tener) que no iba a ser un camino de rosas toda la HMD, seguro que vuelven momentos mejores y son de los que debemos aprovecharnos.

Da gusto leer de nuevo a tanta y tan buena gente :)
 

ern

Member
Ern,

No estoy de acuerdo contigo del todo, ¿susto permanente? te puedo asegurar que yo duermo de fabula todos los días y esta claro que cuando entras y ves el cambio a 112 pues no nos gusta..... como es logico.

Pero de eso a asustarnos... esto son 30 añitos en mi caso (bueno ya solo 27...) y como todo en la vida me imaginaba (dentro del poco control que podemos tener) que no iba a ser un camino de rosas toda la HMD, seguro que vuelven momentos mejores y son de los que debemos aprovecharnos.

Da gusto leer de nuevo a tanta y tan buena gente :)

Si precisamente lo que quería indicar era el por qué del "susto" por el lateral de ahora y la poca volatilidad. Era como decir que el riesgo es inherente a este producto, sea cual sea la moneda - tb en el euro con los vaivenes del euribor- y que añadir "susto" pq ahora no hay volatilidad, me parecía excesivo.

En definitiva, que estamos más de acuerdo de lo que podría parecer.

(mal me explico, ooñioo).
 

ern

Member
Hoy tenemos un ejemplo claro de rebotón en las bolsas y el par que apenas se mueve, sigue "su camino". ¿En qué grado de independencia de las bolsas?
¿Cómo queda el mapa?

ANTES

Si aversión al riesgo => baja DOW JONES, baja SP, baja to quisqui, refugio en yenes, subidón del yen.

Si alegría por el riesgo => sube DOW JONES, sube SP, sube to quisqui, soltando lastre de yenes, bajadón del yen.

¿Ahora?

Gracias amigos.
 

tortuga

Member
Efectivamente, ni con el rebote de las bolsas ha podido rebasar la resistencia que comenta mem 126,080. Esperemos que esta semana lo rebasemos. Animo
 

ffrhmd

Member
Artículo de Kosuke

¿Os acordais de él? Espero que sí. ;)

Temática: (Dolar versus Yen).

The temptation of dollar seigniorage
By Kosuke Takahashi

TOKYO - As the United States seeks to finance its ballooning budget deficits by printing more US dollar bills, Japanese economists are increasingly concerned that the excessive use of dollar seigniorage by US financial authorities will further shake confidence in the US currency at a time when the world lacks an alternative globally accepted currency.

The US government projects that even without the forthcoming US$825 billion fiscal stimulus package, the national budget deficit to September 2009 will be $1.19 trillion, the biggest since World War II, or 8.3% of gross domestic product (GDP). This amount is likely to grow as the US government continues to rescue failed parts of the economy. How will the US cope with its enormous and growing debt obligations?

Therein lies the issue of the dollar's international seigniorage as a savior for the US national interest.

Seigniorage is the revenue that a government raises by printing money. Suppose it costs one dollar to print a US$100 bill. As long as the world deems this bill worth $100, the US government receives the revenue of $99 every time it prints out a $100 bill (the difference being an approximation of the costs related to producing the bills) and circulates it to the markets at home and overseas. This is a perquisite of the US under the present world currency system. Neither Europe nor Japan, among other major economies, can enjoy the benefits of seigniorage globally because the euro and the yen have not become international settlement currencies.

"The US is the only nation in the world, as the key currency nation, to have privileges to earn huge seigniorage," Iwao Nakatani, a renowned economist in Tokyo, wrote in his recent best-selling book Why did capitalism self-destruct?, which is sparking a debate in Tokyo, the financial center of the world's second-biggest economy, over United States-led global capitalism.

"If the FRB [Federal Reserve Board] or the US government issues dollar bills and spreads them abroad, that's sufficient to earn enormous seigniorage - as long as people around the world see the dollar's value as stable," he wrote.

In the book, Harvard-educated Nakatani made a "confession" by saying he had been doing the wrong thing, surprising many Japanese by indicating that what he had learned in the US had proved harmful to Japanese society. The easing of regulations and the liberalization of markets in Japan had brought about an American-style widening disparity between Japan's haves and have-nots and an accumulated discrepancy between society's winners and losers, he pointed out.

Nakatani had been an ardent advocate of globalization and national structural reforms since the early 1990s under the Morihiro Hosokawa and Keizo Obuchi administrations. Nakatani's strong support of global capitalism later influenced reform policies conducted by popular former prime minister Junichiro Koizumi, a symbol of Japan's reformist policy, from 2001 to 2006.

Bernanke's views on seigniorage
It's intriguing to note what Federal Reserve chairman Ben Bernanke, then Princeton University economics professor, said about seigniorage. He wrote in his Macroeconomics textbook, co-authored with Andrew Abel, that the government can print money when it cannot (or does not want to) finance all of its spending by taxes or borrowing from the public. In the extreme case, imagine a government wants to spend $10 billion (say, on submarines) but has no ability to tax or borrow from the public. One option is for the government to print $10 billion worth of currency and use this currency to pay for the submarines.

If you replace the word "submarines" with "bailout funds", that will mirror the present US situation.

Bernanke and Abel continue: "Governments that want to finance their deficits through seigniorage do not simply print money but use an indirect procedure. First, the Treasury authorizes government borrowing equal to the amount of the budget deficit, and a correspondent quantity of new government bonds are printed and sold. However, the new government bonds are not sold to the public. Instead, the Treasury asks (or requires) the central bank to purchase the $10 billion in new bonds. The central bank pays for its purchase of new bonds by printing $10 billion in new currency, which it gives to the Treasury in exchange for the bonds."

This is what the Bernanke Fed is thinking of doing in the coming months and years. It has already snatched up a big chunk of soured mortgage-backed securities guaranteed by beleaguered mortgage-guarantors Fannie Mae and Freddie Mac. Bernanke has also said the Fed may buy "longer-term Treasury or agency securities on the open market in substantial quantities", using the Fed's balance sheet and money-creation authority to aid the ailing US economy.

The latest Fed data showed the monetary base jumped to more than $1.7 trillion this month, more than double from around $840 billion in August - a vertical takeoff in the supply of dollars.

Temptation of seigniorage
The US economy has benefited from seigniorage by printing dollar bills to finance a huge current-account deficit, for which the trade imbalance is by far the greatest reason. This enabled Washington to take its expansionary monetary and fiscal policy amid ballooning debts.

Unlike Japan, China and Europe, among other nations, the US did not have to tap the market of its own goods and services desperately. Simply put, by just printing money, it could get whatever it wanted from abroad, even without any cash on hand. Instead, the spread of the US debt bubble overseas enhanced the networking power of dollar hegemony, which in return boosted the power of dollar seigniorage. This is all debt-forgiveness resulting from the dollar key-currency system.

"Should the US Federal Reserve have properly managed money supply, being conscious of the role of the world's central bank, today's financial crash should have avoided," Nakatani wrote. "But in reality, Alan Greenspan, who had served as Fed chairman for a long time, gave top priority to economic upturn and accommodated the housing bubble. The dollar's oversupply continued. This is the root cause of today's financial crisis."

The US dollar has strengthened against other major currencies, with the notable exception of the yen, in the past months, even as the country has been at the epicenter of the deepening financial crisis. Many currency analysts see risk reduction among investors causing the money that US financial firms had invested in the world to be repatriated to the homeland, triggering dollar-buying.

But that dollar strength may not last. Once people around the world start to think an excessive dollar supply will diminish the value of the currency, they may start selling dollar-denominated assets all at once, causing devastating damage to the world economy. This is why world leaders such as Japan's Prime Minister Taro Aso have repeatedly expressed support of the dollar in the international financial system, easing people's lingering concern over the greenback.

Early signs of the worst scenario for the US are already beginning to show. International demand for long-term US financial assets fell in November as foreign investors sold Treasury, agency and corporate debt, a government report showed on January 16. Net selling of all long-term assets in November was the most since August 2007, as investors sold bonds issued by Fannie Mae, Freddie Mac and other government-sponsored enterprises for a fourth month in the past five.

"For the moment, governments around the world are supporting the dollar key-currency system," said Masaki Fukui, senior market economist in Tokyo at Mizuho Corporate Bank Ltd, a unit of Japan's second-largest financial group by market value. "But there is still a deep-seated structural problem, causing some concern. We can never say a dollar crisis won't come."

When risk aversion begins to abate, as will happen at some point, the Fed needs to act quickly to drain excessive dollar supply, or money supply. Otherwise, the dollar will be doomed and hyperinflation and economic bubbles will occur once again, which could lead to a recurrence of the global financial crisis.

Should the US give in to the temptation of dollar seigniorage, as it has done in the past, loosening money to feed debt bubbles, investors are well advised to diversify their currency positions to hedge against dollar risk. This could be yet another catalyst for undermining dollar hegemony, which the US for sure does not want to see happen.
 
Última edición:

percuti

Member
¿Os acordais de él? Espero que sí. ;)

Temática: (Dolar versus Yen).

The temptation of dollar seigniorage
By Kosuke Takahashi

TOKYO - As the United States seeks to finance its ballooning budget deficits by printing more US dollar bills, Japanese economists are increasingly concerned that the excessive use of dollar seigniorage by US financial authorities will further shake confidence in the US currency at a time when the world lacks an alternative globally accepted currency.

The US government projects that even without the forthcoming US$825 billion fiscal stimulus package, the national budget deficit to September 2009 will be $1.19 trillion, the biggest since World War II, or 8.3% of gross domestic product (GDP). This amount is likely to grow as the US government continues to rescue failed parts of the economy. How will the US cope with its enormous and growing debt obligations?

Therein lies the issue of the dollar's international seigniorage as a savior for the US national interest.

Seigniorage is the revenue that a government raises by printing money. Suppose it costs one dollar to print a US$100 bill. As long as the world deems this bill worth $100, the US government receives the revenue of $99 every time it prints out a $100 bill (the difference being an approximation of the costs related to producing the bills) and circulates it to the markets at home and overseas. This is a perquisite of the US under the present world currency system. Neither Europe nor Japan, among other major economies, can enjoy the benefits of seigniorage globally because the euro and the yen have not become international settlement currencies.

"The US is the only nation in the world, as the key currency nation, to have privileges to earn huge seigniorage," Iwao Nakatani, a renowned economist in Tokyo, wrote in his recent best-selling book Why did capitalism self-destruct?, which is sparking a debate in Tokyo, the financial center of the world's second-biggest economy, over United States-led global capitalism.

"If the FRB [Federal Reserve Board] or the US government issues dollar bills and spreads them abroad, that's sufficient to earn enormous seigniorage - as long as people around the world see the dollar's value as stable," he wrote.

In the book, Harvard-educated Nakatani made a "confession" by saying he had been doing the wrong thing, surprising many Japanese by indicating that what he had learned in the US had proved harmful to Japanese society. The easing of regulations and the liberalization of markets in Japan had brought about an American-style widening disparity between Japan's haves and have-nots and an accumulated discrepancy between society's winners and losers, he pointed out.

Nakatani had been an ardent advocate of globalization and national structural reforms since the early 1990s under the Morihiro Hosokawa and Keizo Obuchi administrations. Nakatani's strong support of global capitalism later influenced reform policies conducted by popular former prime minister Junichiro Koizumi, a symbol of Japan's reformist policy, from 2001 to 2006.

Bernanke's views on seigniorage
It's intriguing to note what Federal Reserve chairman Ben Bernanke, then Princeton University economics professor, said about seigniorage. He wrote in his Macroeconomics textbook, co-authored with Andrew Abel, that the government can print money when it cannot (or does not want to) finance all of its spending by taxes or borrowing from the public. In the extreme case, imagine a government wants to spend $10 billion (say, on submarines) but has no ability to tax or borrow from the public. One option is for the government to print $10 billion worth of currency and use this currency to pay for the submarines.

If you replace the word "submarines" with "bailout funds", that will mirror the present US situation.

Bernanke and Abel continue: "Governments that want to finance their deficits through seigniorage do not simply print money but use an indirect procedure. First, the Treasury authorizes government borrowing equal to the amount of the budget deficit, and a correspondent quantity of new government bonds are printed and sold. However, the new government bonds are not sold to the public. Instead, the Treasury asks (or requires) the central bank to purchase the $10 billion in new bonds. The central bank pays for its purchase of new bonds by printing $10 billion in new currency, which it gives to the Treasury in exchange for the bonds."

This is what the Bernanke Fed is thinking of doing in the coming months and years. It has already snatched up a big chunk of soured mortgage-backed securities guaranteed by beleaguered mortgage-guarantors Fannie Mae and Freddie Mac. Bernanke has also said the Fed may buy "longer-term Treasury or agency securities on the open market in substantial quantities", using the Fed's balance sheet and money-creation authority to aid the ailing US economy.

The latest Fed data showed the monetary base jumped to more than $1.7 trillion this month, more than double from around $840 billion in August - a vertical takeoff in the supply of dollars.

Temptation of seigniorage
The US economy has benefited from seigniorage by printing dollar bills to finance a huge current-account deficit, for which the trade imbalance is by far the greatest reason. This enabled Washington to take its expansionary monetary and fiscal policy amid ballooning debts.

Unlike Japan, China and Europe, among other nations, the US did not have to tap the market of its own goods and services desperately. Simply put, by just printing money, it could get whatever it wanted from abroad, even without any cash on hand. Instead, the spread of the US debt bubble overseas enhanced the networking power of dollar hegemony, which in return boosted the power of dollar seigniorage. This is all debt-forgiveness resulting from the dollar key-currency system.

"Should the US Federal Reserve have properly managed money supply, being conscious of the role of the world's central bank, today's financial crash should have avoided," Nakatani wrote. "But in reality, Alan Greenspan, who had served as Fed chairman for a long time, gave top priority to economic upturn and accommodated the housing bubble. The dollar's oversupply continued. This is the root cause of today's financial crisis."

The US dollar has strengthened against other major currencies, with the notable exception of the yen, in the past months, even as the country has been at the epicenter of the deepening financial crisis. Many currency analysts see risk reduction among investors causing the money that US financial firms had invested in the world to be repatriated to the homeland, triggering dollar-buying.

But that dollar strength may not last. Once people around the world start to think an excessive dollar supply will diminish the value of the currency, they may start selling dollar-denominated assets all at once, causing devastating damage to the world economy. This is why world leaders such as Japan's Prime Minister Taro Aso have repeatedly expressed support of the dollar in the international financial system, easing people's lingering concern over the greenback.

Early signs of the worst scenario for the US are already beginning to show. International demand for long-term US financial assets fell in November as foreign investors sold Treasury, agency and corporate debt, a government report showed on January 16. Net selling of all long-term assets in November was the most since August 2007, as investors sold bonds issued by Fannie Mae, Freddie Mac and other government-sponsored enterprises for a fourth month in the past five.

"For the moment, governments around the world are supporting the dollar key-currency system," said Masaki Fukui, senior market economist in Tokyo at Mizuho Corporate Bank Ltd, a unit of Japan's second-largest financial group by market value. "But there is still a deep-seated structural problem, causing some concern. We can never say a dollar crisis won't come."

When risk aversion begins to abate, as will happen at some point, the Fed needs to act quickly to drain excessive dollar supply, or money supply. Otherwise, the dollar will be doomed and hyperinflation and economic bubbles will occur once again, which could lead to a recurrence of the global financial crisis.

Should the US give in to the temptation of dollar seigniorage, as it has done in the past, loosening money to feed debt bubbles, investors are well advised to diversify their currency positions to hedge against dollar risk. This could be yet another catalyst for undermining dollar hegemony, which the US for sure does not want to see happen.
y asi para resumir eso para un castellano parlante en 4 lineas:confused:
 
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