Viernes 19/11/10 Bernake contra ataca
Publicado: Jue Nov 18, 2010 11:07 pmBernanke arremete contra China
Ante la critica en US y en el exterior acerca de las politicas monetarias faciles, Bernanke arremete contra China diciendo en un discurso preparado para maniana que China y otros estan causando problemas globales al prevenir que sus monedas se fortalezcan mientras sus economicas se recalientan, previenen la falta de balance en el comercio exterior de ajustarse y empeoran la recuperacion global "de dos velocidades"
La estrategia de permanente devaluacion de sus divisas esta previniendo un crecimiento global "balanceado y sostenible"
Bernanke rompera su silencio el Viernes para responder a sus criticos.
"Por que los paises emergentes se rehusan a apreciar sus monedas hacia niveles mas consistentes con los fundamentos del mercado?" pregunta Bernanke. Principamente, el dice, porque ellos estan aplicando una estrategia a largo plazo de promover crecimiento basado de las exportaciones con un cambio barato.
Los bancos centrales intervienen en sus mercados de divisas. El dolar entra a sus economias producto de sus exportaciones, los bancos centrales usan los dolares para comprar activos como los bonos del gobierno americano (treasuries) en lugar de permitir que esos dolares sean cambiado en el mercado domestico y en forma libre. Eso mantiene las monedas de sus paises sin apreciarse.
Bernanke dice que China al prevenir que su moneda se aprecie, ese pais ha acumulado una masiva cantidad de bonos americanos: $2.6 trillones. Un riesgo adicional para US,: si China vende los bonos americanos, podria empujar el valor a la baja y hacer subir los intereses.
Bernanke tambien le contesta a los criticos domesticos, diciendo que de no actuar que el desempleo podria seguir subiendo indicando tambien que la inflacion es muy baja y podria caer aun mas.
Los criticos dicen que la inflacion podria subir debido a las acciones del Fed, Bernanke dice que es alrededor del 1% y probablemente se mantenga contenida por largo tiempo y que el esta comprometido a no permitir que suba a mas del 2%.
Bernanke Takes Aim at China
By JON HILSENRATH
Federal Reserve Chairman Ben Bernanke is firing back amid criticism at home and abroad of the Fed's easy-money policies, arguing that China and others are causing global problems by preventing their currencies from strengthening as their economies boom.
Ben Bernanke will break his silence Friday to respond to his many critics over the Federal Reserve's monetary easing program. WSJ's Jon Hilsenrath reports.
.By keeping their currencies artificially weak, Mr. Bernanke argues in remarks prepared for delivery in Frankfurt Friday, China and other emerging markets are allowing their economies to overheat, preventing trade imbalances from adjusting and worsening what he called a "two-speed" global recovery.
Their "strategy of currency undervaluation" is preventing more "balanced and sustainable" global growth, he warns, echoing a view expressed by Obama Administration officials.
Mr. Bernanke has come under attack for the Fed's decision to purchase $600 billion in U.S. Treasury bonds in an effort to drive down long-term interest rates. Critics in the U.S say it could cause inflation. Critics abroad say the flood of dollars that the Fed is effectively printing to finance its bond purchases is pouring into overseas markets and could cause asset bubbles.
Some also have accused the Fed of trying to weaken the dollar to spur U.S. exports.
Fed officials have denied that is their goal, though Mr. Bernanke effectively acknowledged the U.S. currency should weaken against currencies in emerging markets, because their economies are growing so much faster than economies in the developed world.
The Fed chairman's message, though scholarly in tone, was unusually blunt in laying blame for inflationary pressures in emerging markets and for tensions over currencies on countries like China. A chart accompanying his comments also pinpoints Taiwan, Singapore and Thailand as aggressively trying to hold their currencies down, while India, Chile and Turkey aren't.
"Why have officials in many emerging markets leaned against appreciation of their currencies toward levels more consistent with market fundamentals?" Mr. Bernanke asks. Mainly, he says, because they are sticking to a long-term strategy of pushing for export-led growth with cheap exchange rates.
Central banks manage exchange rates by intervening in currency markets. As dollars flood into their economies from exports, the central banks use the dollars to purchase assets like U.S. Treasury bonds rather than allowing those dollars to be exchanged freely for domestic currencies. That keeps the domestic currencies from rising in value.
Mr. Bernanke notes that in preventing the yuan from appreciating, China has accumulated a massive $2.6 trillion stock of U.S.-dollar assets. An alternate risk for the U.S.: If China sells its U.S. bonds, it could push down their value and push up U.S. interest rates.
Mr. Bernanke also makes his case against domestic critics, arguing that U.S. unemployment could keep rising without action by the Fed and that inflation is too low and could fall further.
Ben Bernanke spoke to an economics class in Jacksonville, Florida earlier this month.
.Though critics say inflation could soar because of the Fed's actions, Mr. Bernanke says it is around 1%, is likely to be "quite subdued" for a long time and that he is committed to allowing it to go no higher than 2%.
"On its current economic trajectory the United States runs the risk of seeing millions of workers unemployed or underemployed for years," Mr. Bernanke warns. "As a society, we should find that outcome unacceptable."
Mr. Bernanke got a voice of support Thursday from Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis. In comments in Chicago he supported the Fed's easing program, describing it as "a move in the right direction," though he had expressed some skepticism about the program in the past. He and Mr. Bernanke said the program wasn't a cure-all.
Write to Jon Hilsenrath at jon.hilsenrath@wsj.com
Ante la critica en US y en el exterior acerca de las politicas monetarias faciles, Bernanke arremete contra China diciendo en un discurso preparado para maniana que China y otros estan causando problemas globales al prevenir que sus monedas se fortalezcan mientras sus economicas se recalientan, previenen la falta de balance en el comercio exterior de ajustarse y empeoran la recuperacion global "de dos velocidades"
La estrategia de permanente devaluacion de sus divisas esta previniendo un crecimiento global "balanceado y sostenible"
Bernanke rompera su silencio el Viernes para responder a sus criticos.
"Por que los paises emergentes se rehusan a apreciar sus monedas hacia niveles mas consistentes con los fundamentos del mercado?" pregunta Bernanke. Principamente, el dice, porque ellos estan aplicando una estrategia a largo plazo de promover crecimiento basado de las exportaciones con un cambio barato.
Los bancos centrales intervienen en sus mercados de divisas. El dolar entra a sus economias producto de sus exportaciones, los bancos centrales usan los dolares para comprar activos como los bonos del gobierno americano (treasuries) en lugar de permitir que esos dolares sean cambiado en el mercado domestico y en forma libre. Eso mantiene las monedas de sus paises sin apreciarse.
Bernanke dice que China al prevenir que su moneda se aprecie, ese pais ha acumulado una masiva cantidad de bonos americanos: $2.6 trillones. Un riesgo adicional para US,: si China vende los bonos americanos, podria empujar el valor a la baja y hacer subir los intereses.
Bernanke tambien le contesta a los criticos domesticos, diciendo que de no actuar que el desempleo podria seguir subiendo indicando tambien que la inflacion es muy baja y podria caer aun mas.
Los criticos dicen que la inflacion podria subir debido a las acciones del Fed, Bernanke dice que es alrededor del 1% y probablemente se mantenga contenida por largo tiempo y que el esta comprometido a no permitir que suba a mas del 2%.
Bernanke Takes Aim at China
By JON HILSENRATH
Federal Reserve Chairman Ben Bernanke is firing back amid criticism at home and abroad of the Fed's easy-money policies, arguing that China and others are causing global problems by preventing their currencies from strengthening as their economies boom.
Ben Bernanke will break his silence Friday to respond to his many critics over the Federal Reserve's monetary easing program. WSJ's Jon Hilsenrath reports.
.By keeping their currencies artificially weak, Mr. Bernanke argues in remarks prepared for delivery in Frankfurt Friday, China and other emerging markets are allowing their economies to overheat, preventing trade imbalances from adjusting and worsening what he called a "two-speed" global recovery.
Their "strategy of currency undervaluation" is preventing more "balanced and sustainable" global growth, he warns, echoing a view expressed by Obama Administration officials.
Mr. Bernanke has come under attack for the Fed's decision to purchase $600 billion in U.S. Treasury bonds in an effort to drive down long-term interest rates. Critics in the U.S say it could cause inflation. Critics abroad say the flood of dollars that the Fed is effectively printing to finance its bond purchases is pouring into overseas markets and could cause asset bubbles.
Some also have accused the Fed of trying to weaken the dollar to spur U.S. exports.
Fed officials have denied that is their goal, though Mr. Bernanke effectively acknowledged the U.S. currency should weaken against currencies in emerging markets, because their economies are growing so much faster than economies in the developed world.
The Fed chairman's message, though scholarly in tone, was unusually blunt in laying blame for inflationary pressures in emerging markets and for tensions over currencies on countries like China. A chart accompanying his comments also pinpoints Taiwan, Singapore and Thailand as aggressively trying to hold their currencies down, while India, Chile and Turkey aren't.
"Why have officials in many emerging markets leaned against appreciation of their currencies toward levels more consistent with market fundamentals?" Mr. Bernanke asks. Mainly, he says, because they are sticking to a long-term strategy of pushing for export-led growth with cheap exchange rates.
Central banks manage exchange rates by intervening in currency markets. As dollars flood into their economies from exports, the central banks use the dollars to purchase assets like U.S. Treasury bonds rather than allowing those dollars to be exchanged freely for domestic currencies. That keeps the domestic currencies from rising in value.
Mr. Bernanke notes that in preventing the yuan from appreciating, China has accumulated a massive $2.6 trillion stock of U.S.-dollar assets. An alternate risk for the U.S.: If China sells its U.S. bonds, it could push down their value and push up U.S. interest rates.
Mr. Bernanke also makes his case against domestic critics, arguing that U.S. unemployment could keep rising without action by the Fed and that inflation is too low and could fall further.
Ben Bernanke spoke to an economics class in Jacksonville, Florida earlier this month.
.Though critics say inflation could soar because of the Fed's actions, Mr. Bernanke says it is around 1%, is likely to be "quite subdued" for a long time and that he is committed to allowing it to go no higher than 2%.
"On its current economic trajectory the United States runs the risk of seeing millions of workers unemployed or underemployed for years," Mr. Bernanke warns. "As a society, we should find that outcome unacceptable."
Mr. Bernanke got a voice of support Thursday from Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis. In comments in Chicago he supported the Fed's easing program, describing it as "a move in the right direction," though he had expressed some skepticism about the program in the past. He and Mr. Bernanke said the program wasn't a cure-all.
Write to Jon Hilsenrath at jon.hilsenrath@wsj.com