The Economist aciona o alarme:
"Sistema rachando. Primazia do dólar se mostra insustentável".
A major problem today, the Economist writes,"is the lack of a backstop for the offshore dollar system if it faces a crisis. In 2008-09 the Fed reluctantly came to the rescue, acting as a lender of last resort by offering $1 trillion of dollar liquidity to foreign banks and central banks. The sums involved in a future crisis would be far higher. The offshore dollar world is almost twice as large as it was in 2007. By the 2020s, it could be as big as America's banking industry. Since 2008-09, Congress has grown wary of the Fed's emergency lending.
Come the next crisis, the Fed's plans to issue vast swap lines might meet regulatory or congressional resistance." The Economist article concludes:"There are things America can do to shoulder more responsibility--for instance, by setting up bigger emergency swap lines with more central banks. More likely is a splintering of the system, as other countries choose to insulate themselves from Fed decisions by embracing capital controls. The dollar has no peers. But the system that it anchors is cracking."
