As is known, the position of the Republican Party in the election race of 2008 was quite unstable. In an effort to hold John McCain, Secretary of the Treasury of the United States (a position analogous to the post of finance minister of Russia), G. Paulson decided to reduce world oil prices and a strengthening U.S. dollar against other currencies, primarily the yuan.
At the time, and in many ways and now oil prices are dependent on the state of the derivatives market of futures on its delivery, that is, again, as derivatives. As chairman of the bank GoldmanSaks, which is largely controlled by the market, Henry Paulson was able to alter the natural course of events, an increase in oil prices. The purpose of this exercise was simple: cheap oil means cheaper gasoline and the cost of gasoline is one of the important criteria of the financial well-being of the average American. Thus, cheap oil was to increase the rating of John McCain.
With regard to the strengthening U.S. currency, it shall be made in order to reduce the cost of imported goods. Of course, the growth rate of the dollar have affected the industrial exports, but for Paulson and the people behind them, the complexity of producers were unimportant in comparison with the support of the population. Another thing is that to strengthen the dollar against the backdrop of vrublennogo “at full capacity, the printing press, the Fed was not easy. However, Henry Paulsen was able to solve the problem by persuading the governments of some countries to buy U.S. currency.
At first glance, the plan was good, but the consequences of its implementation were more than surprising. The shortage of free cash and a sharp decline in oil prices, which until then had been steadily growing asset, frightened and disoriented many investors. Investors, in turn, decided to “sit out” strange time with cash. As a result, the financial system felt an acute shortage of liquidity. Banks have drastically reduced lending volumes and increased interest rates: the townsfolk, or, as they say, households were unable to obtain loans to pay off already in arrears (this practice was very common in the U.S.) and responded to the sharp decline in consumer demand.
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