Dalio: La Fed stimule une bulle qui va monétiser la dette publique
By: theblockbeats.news|2025/11/06 16:45:53
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BlockBeats News, le 6 novembre, Ray Dalio, fondateur de Bridgewater Associates, a déclaré dans un article que l'assouplissement quantitatif passé de la Réserve fédérale était un "stimulant pour les ralentissements", tandis que l'assouplissement quantitatif actuel est un "stimulant pour les bulles". Quand l'offre d'obligations du Trésor américain dépasse la demande, et que la Réserve fédérale "imprime de la monnaie" et achète des obligations, alors que le département du Trésor raccourcit la durée de la dette qu'il vend pour compenser la demande insuffisante d'obligations à long terme, ce sont toutes les dynamiques du classique "cycle de la dette à long terme" à son stade avancé.
En raison de la nature hautement stimulante du volet budgétaire de la politique gouvernementale américaine (attribué à une dette existante massive et à des déficits importants, financés par des émissions massives de dette publique, en particulier dans des durées relativement courtes), l'assouplissement quantitatif monétisera effectivement la dette publique plutôt que de simplement réinjecter des liquidités dans le système privé.
C'est la différence dans ce qui se passe actuellement, et sa manière semble le rendre plus dangereux et plus inflationniste. Il semble s'agir d'un "pari" audacieux et dangereux sur la croissance, en particulier sur celle provoquée par l'intelligence artificielle, et cette croissance est financée par des politiques budgétaires, monétaires et réglementaires très souples. Nous devrons surveiller de près pour réagir de manière appropriée. (Jin10)
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