Word: dollarization
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Certainly the U.S. did not embrace the idea of carry trades being funded by the greenback, because this worked to only further weaken the dollar against major currencies, including the euro, the British pound and the Swiss franc. This made imports more expensive for consumers - at least in theory. (In reality, because of the size of the U.S. market, few importers could risk raising their prices for fear of being pushed...
...euro and yen are this year's dollar, what's on the flip side of the smart carry trade for 2010? Last year the Brazilian real was a currency on fire, appreciating 35% on interest rates that started 2009 at an unsustainable 13.75%. It was a situation that threatened to suffocate the economy, forcing the government to intervene in currency markets, cut interest rates nearly 40% and impose new taxes on foreign investment. (See pictures of the global financial crisis...
...that prognosis might change as the year unfolds. Like Greece, both Britain and the U.S. have dangerously high levels of outstanding debt, largely due to stimulus spending and bailouts intended to get their respective economies back on their feet. While this might spell trouble for the dollar and British pound, it's a looming opportunity for those who ply the carry trade...
...It’s a big room with a DJ and beer and people dancing,” said Hurvitz. “There isn’t a whole lot more to it.” Sounds just like a d-hall party, minus the seven-dollar entry...
Want to be the next Obama? Think the dollar bill would look better with your face on it? Work for the Institute Of Politics...