2015-06-28
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| Всего на конец периода | 4861,7 | 5099,2 | 6338,2 | 7781,9 | 9361,5 | ||
| Домашние хозяйства | 394,1 | 260,4 | 243,3 | 764,4 | 1078,7 | ||
| Власти штатов и МОВ** | 516,9 | 537,6 | 485,5 | 505,9 | 519,8 | ||
| Иностранные держатели | 2126,2 | 2376,4 | 3251,4 | 3697,2 | 4394,1 | ||
| Монетарные власти | 778,9 | 740,6 | 475,9 | 776,6 | 1021,5 | ||
| Коммерческие банки | 94,9 | 112,3 | 93,2 | 185,4 | 298,5 | ||
| Институцион. Инвесторы | 825,5 | 923,6 | 1410,7 | 1534,3 | 1686,1 |
Примечание. Мелкие инвесторы пропущены. **МОВ – местные органы власти.
| Россия продает облигации США и переводит на хранение |
| In 1998, Russia defaulted on $40 billion of domestic debt, forcing the Federal Reserve to engineer a bailout of hedge fund Long Term Capital Management. Three years later, Putin used the distraction of the Olympics to invade US ally Georgia. While the world was focused on the Beijing games, the Russian leader told George W. Bush, “War has started.” But the Georgia invasion was nothing compared to the bomb Russia was dropping on US markets. Treasury Secretary Hank Paulson was in Beijing for a family trip to see the games, but he worried about Fannie and Freddie the whole time, as he was told the Russians had approached the Chinese to work together to dump their Fannie Mae and Freddie Mac shares. In his book On the Brink, Paulson wrote the motivation was “to force the US to use its emergency authorities to prop up these companies.” He went on, “The report was deeply troubling—heavy selling could create a sudden loss of confidence in the GSEs and shake the capital markets. I waited till I was back home and in a secure environment to inform the president.” Of course, Putin spokesman Dmitry Peskov denied the bear raid conspiracy. To this day, the former Treasury secretary claims the two countries never carried out the plan. However, Russia did unload all $65.6 billion of its Fannie and Freddie debt that year. As for the Chinese, Aaron Back reported for the Wall Street Journal in 2011, “China’s selloff of Fannie and Freddie securities in 2008 was widely credited with pushing up mortgage rates in the US at a time Washington was struggling to revive housing sales.” ,,,,,,,,,,,,,,,,,,,,,,,,,,,,, For the week ending March 12, 2014 Fed custody holdings fell US$104.5 billion from the prior week. This was the largest weekly decline on record. Speculation is that Russia sold, or “dumped,” billions of dollars in Treasury holdings in response to the sanctions imposed by Western governments over Russian actions in Crimea. The first example is what might have happened with any presumed Russia “selling.” Russia could have moved its Treasury holdings out of the US and into foreign custody. This would account for the large drop in the March US data. And there is evidence that suggests where the securities may have gone. Belgium is a small country. Its GDP and foreign-currency reserves are about US$420 billion and US$29 billion, respectively. Yet, its Treasury holdings are reported at US$310 billion as of January 2014—and the size of its holdings has nearly doubled since August 2013 ($167b). That positions it as the world’s third-largest holder of US debt, right behind China and Japan. This lopsided Treasury-holdings-to-GDP ratio strongly suggests that Belgium is in the custodial business. |
ИНСТРУМЕНТЫ КРЕДИТНО-ДЕНЕЖНОЙ ПОЛИТИКИ ЦЕНТРАЛЬНОГО БАНКА
