Američané jsou z Itálie, Evropané z Japonska

MNICHOV – Americký obchodní model se zhroutil. Během nedávných let si Spojené státy od zbytku světa vypůjčily gigantické sumy peněz. Jen v roce 2008 čistý import kapitálu dosáhl 800 miliard dolarů. Tyto peníze pocházely zejména z prodeje cenných papírů podložených hypotékami a kolateralizovaných dluhových obligací, nároků na nároky vůči americkým majitelům domů (či přesněji řečeno vůči domům samotným, neboť jejich vlastníky chránila bezregresní povaha úvěrů).

Trh pro tyto cenné papíry se rozplynul. Zatímco v roce 2006 objem nových emisí činil 1,9 bilionů dolarů, pravděpodobný objem v roce 2009 bude podle nejnovějších odhadů MMF pouhých 50 miliard dolarů. Trh ochabl o 97 %. Právě toto číslo nejlépe odhaluje skutečnou katastrofu americké finanční soustavy.

Jelikož americkým majitelům domů přestaly z okolního světa přitékat peníze, ceny domů se propadly o 30 % a výstavba nových domů o více než 70 %. Recese byla nevyhnutelná. Propuštění stavební dělníci si utáhli opasky, jakož i majitelé domů. Někteří tak učinili, protože se cítili chudší. Jiní proto, že jim banky, šokované krachem sekuritizačního byznysu, přestaly oproti hodnotě domu poskytovat úvěry na spotřební účely.

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