22 mars 2010<\/a>: le gouvernement des Etats-Unis d’Am\u00e9rique m\u00e9rite-t-il encore son classement AAA que lui donnent, d\u00e9sormais du bout des l\u00e8vres, les agences sp\u00e9cialis\u00e9es dans la chose? Moody, par exemple, n’est plus tr\u00e8s optimiste \u00e0 cet \u00e9gard<\/p>\n<\/p>\n\t\u00abThe bond market is saying that it’s safer to lend to Warren Buffett than Barack Obama.<\/em><\/p>\n<\/p>\n\t\u00bbTwo-year notes sold by the billionaire’s Berkshire Hathaway Inc. in February yield 3.5 basis points less than Treasuries of similar maturity, according to data compiled by Bloomberg. Procter & Gamble Co., Johnson & Johnson and Lowe’s Cos. debt also traded at lower yields in recent weeks, a situation former Lehman Brothers Holdings Inc. chief fixed-income strategist Jack Malvey calls an exceedingly rare event in the history of the bond market.<\/em><\/p>\n<\/p>\n\t\u00bbThe $2.59 trillion of Treasury Department sales since the start of 2009 have created a glut as the budget deficit swelled to a post-World War II-record 10 percent of the economy and raised concerns whether the U.S. deserves its AAA credit rating. The increased borrowing may also undermine the first-quarter rally in Treasuries as the economy improves.<\/em><\/p>\n<\/p>\n\t\u00bb It’s a slap upside the head of the government, said Mitchell Stapley, the chief fixed-income officer in Grand Rapids, Michigan, at Fifth Third Asset Management, which oversees $22 billion. It could be the moment where hopefully you realize that risk is beginning to creep into your credit profile and the costs associated with that can be pretty scary.<\/em><\/p>\n<\/p>\n\t\u00bbWhile Treasuries backed by the full faith and credit of the government typically yield less than corporate debt, the relationship has flipped as Moody’s Investors Service predicts the U.S. will spend more on debt service as a percentage of revenue this year than any other top-rated country except the U.K. America will use about 7 percent of taxes for debt payments in 2010 and almost 11 percent in 2013, moving substantially closer to losing its AAA rating, Moody’s said last week.<\/em><\/p>\n<\/p>\n\t\u00bbThose economies have been caught in a crisis while they are highly leveraged, said Pierre Cailleteau, the managing director of sovereign risk at Moody’s in London. They have to make the required adjustment to stabilize markets without choking off growth.<\/em>\u00bb<\/p>\n<\/p>\n\n
dedefensa.org<\/em><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"Buffet est moins risqu\u00e9 qu’Obama, qui ne vaut plus gu\u00e8re son AAA Bloomberg.News a fait son enqu\u00eate, d’o\u00f9 il ressort qu’on consid\u00e8re aujourd’hui, sur les march\u00e9s, qu’il est moins risqu\u00e9 de pr\u00eater de l’argent \u00e0 un milliardaire comme Warren Buffet qu’au d\u00e9partement du tr\u00e9sor des Etats-Unis. C’est un \u00e9v\u00e9nement excessivement rare, commente un expert cit\u00e9,… <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[14],"tags":[3790,6683,5556],"class_list":["post-71690","post","type-post","status-publish","format-standard","hentry","category-ouverture-libre","tag-aaa","tag-bloomberg","tag-buffet"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/71690","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/comments?post=71690"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/71690\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=71690"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=71690"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=71690"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}