Los estadounidenses son de Italia, los europeos de Japón

MUNICH – El modelo de negocios estadounidense se ha desmoronado. Durante los últimos años, los Estados Unidos solicitaron a todo el mundo créditos enormes. Tan sólo en 2008, las importaciones netas de capital superaron los 800.000 millones de dólares. El dinero provenía principalmente de la venta de valores respaldados por hipotecas y obligaciones de deuda con garantía, de las demandas de las demandas contra los propietarios de viviendas estadounidenses (o para ser precisos, solamente contra los hogares ya que los propietarios estaban protegidos por la naturaleza no recurrible de los créditos.)

El mercado de estos valores ahora ha desaparecido. Mientras que el volumen de las nuevas emisiones en 2006 fue de 1.9 billones de dólares, el volumen probable en 2009 será de sólo 50.000 millones de dólares, según las más recientes estimaciones del FMI. El mercado se redujo en un 97%. No hay otra cifra como esta que revele la verdadera catástrofe del sistema financiero estadounidense.

Debido a que los propietarios de viviendas estadounidenses vieron interrumpidos los flujos de fondos de todo el mundo, los precios de los hogares se desplomaron un 30% y la construcción de nuevas viviendas más de un 70%. La recesión era inevitable. Los empleados despedidos de la construcción apretaron sus cinturones así como los propietarios de viviendas. Algunos lo hicieron porque se sintieron más pobres. Otros, porque los bancos, luego la sacudida que supuso la caída de los negocios de titulización, dejaron de proporcionar créditos hipotecarios con fines de consumo.

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