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Bloomberg bericht:
'Rubin, Volcker Say Investors May Avoid Buying Dollars (Update2).
-- Robert E. Rubin, Treasury secretary under President Bill Clinton, and former Federal Reserve Chairman Paul Volcker said foreign investors probably won't keep increasing dollar holdings, raising the risk of a slump in the currency.
Failure by the U.S. government to shrink its budget deficit may spook the central banks, hedge funds and others who have been buying Treasury notes, Rubin said. Volcker said the U.S. borrowing requirements raise the risk of a ``crisis'' in the dollar as soon as the next two and a half years.
``It seems almost inconceivable that this will continue indefinitely,'' Rubin, who now chairs Citigroup Inc.'s executive committee, said in a videotaped message for a dinner hosted by the Concord Coalition yesterday in New York.
Rubin, 68, who served as Treasury chief from January 1995 to July 1999, helped engineer economic policies that allowed Clinton in 1998 to claim the first budget surplus in almost 30 years. The dollar, measured against the currencies of the largest U.S. trading partners, rose 14 percent under his tenure.
The Arlington, Virginia-based Concord Coalition was founded in 1992 by the late former Senator Paul Tsongas, a Democrat from Massachusetts, and former Senator Warren Rudman, a New Hampshire Republican, to lobby for reducing the fiscal deficit and raise awareness about the cause and consequences of the persistent shortfall.
Dollar's Decline
The U.S. currency has fallen in recent years, in part because of concern America will fail to attract enough capital to finance its borrowing. The Federal Reserve's dollar index has declined 27 percent since December 2001. The dollar is down 7.4 percent against the euro this year and is little changed versus the yen.
``It's incredible people have gone on so long holding dollars,'' Volcker said during a panel discussion at the event. ``At some point, you will get a situation where people have had enough,'' he said. He added that he wasn't ready to ``extend'' a previous prediction of a crisis within two and a half years.'
-- Robert E. Rubin, Treasury secretary under President Bill Clinton, and former Federal Reserve Chairman Paul Volcker said foreign investors probably won't keep increasing dollar holdings, raising the risk of a slump in the currency.
Failure by the U.S. government to shrink its budget deficit may spook the central banks, hedge funds and others who have been buying Treasury notes, Rubin said. Volcker said the U.S. borrowing requirements raise the risk of a ``crisis'' in the dollar as soon as the next two and a half years.
``It seems almost inconceivable that this will continue indefinitely,'' Rubin, who now chairs Citigroup Inc.'s executive committee, said in a videotaped message for a dinner hosted by the Concord Coalition yesterday in New York.
Rubin, 68, who served as Treasury chief from January 1995 to July 1999, helped engineer economic policies that allowed Clinton in 1998 to claim the first budget surplus in almost 30 years. The dollar, measured against the currencies of the largest U.S. trading partners, rose 14 percent under his tenure.
The Arlington, Virginia-based Concord Coalition was founded in 1992 by the late former Senator Paul Tsongas, a Democrat from Massachusetts, and former Senator Warren Rudman, a New Hampshire Republican, to lobby for reducing the fiscal deficit and raise awareness about the cause and consequences of the persistent shortfall.
Dollar's Decline
The U.S. currency has fallen in recent years, in part because of concern America will fail to attract enough capital to finance its borrowing. The Federal Reserve's dollar index has declined 27 percent since December 2001. The dollar is down 7.4 percent against the euro this year and is little changed versus the yen.
``It's incredible people have gone on so long holding dollars,'' Volcker said during a panel discussion at the event. ``At some point, you will get a situation where people have had enough,'' he said. He added that he wasn't ready to ``extend'' a previous prediction of a crisis within two and a half years.'
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