segunda-feira, 21 de novembro de 2011

Frases do dia - Don't Mess With the U.S.

The US can force monetization at the ECB. If the Colonel deems sado-fiscalism as a global systemic threat (which it is), the Fed could act. The Fed has an account at the ECB in Euros. When the pesky Europeans borrow dollars from us on currency swaps to fund their insolvent banks we get this lovely account. And right now the Euros just sit there! If things get messy we just jack the "unlimited" lines up, back up the forklift, and buy Euro area bonds. Lots of them. Say a trillion or two across all non-German markets. The Fed already owns nearly 100b in German and French bonds. And if anyone tries to default down the road, well we have a few hundred billion in European gold to confiscate in the basement of the NY Fed. And if that's not enough we just institute "annual fees" for NATO membership or start confiscating European assets in the US. If the shenanigans in Europe are going to mess up a US recovery, or even a presidential election, then there should be a serious US response. We did not spend all that money on the Marshall plan just to have Europe blow up the world again!

Roteiro de ficção de David Zervos, do banco americano Jefferies, um pouco descontente com o que chama de "sadofiscalismo" e falta de ação dos europeus (os grifos no trecho são meus). O texto completo está aqui.