Tim Brinton

El dólar se enfrenta a su desaparición

BERKELEY  En la blogósfera abundan los informes sobre la inminente desaparición del dólar. El billete verde se ha depreciado frente al euro en casi un 15% desde el inicio del verano. Se dice que los bancos centrales han disminuido su acumulación de dólares en favor de otras divisas. Una historia sensacionalista aunque no documentada dice que los Estados del Golfo están conspirando junto con China, Rusia, Japón y Francia –ahí tienen ustedes una coalición extraña- para que se deje de fijar el precio del petróleo en dólares.

Los economistas no tienen problemas para explicar la debilidad del dólar después de los hechos. Dado que los hogares estadounidenses están haciendo mayores ahorros a fin de restaurar sus cuentas para la jubilación, el país tiene que exportar más. Se necesita un dólar más débil para hacer más atractivos los productos estadounidenses a los consumidores extranjeros.

Además, el desencanto con los sofisticados instrumentos, que las instituciones financieras estadounidenses se especializan en crear y distribuir, se traduce en menores entradas de capital extranjero en los Estados Unidos. Menos compras extranjeras de los activos estadounidenses  significan un dólar más débil. Mediante una extrapolación del pasado en el futuro, los analistas prevén que el dólar se depreciará más.

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