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push up America's debt dependency, therefore, according to expert estimates, in 2011 America's debt dependency will jump to more than 45%, and in the later could climb to 50%.This means that if the us treasuries strong and full of a buyer's market support, its debt programs could be cut off at any time.As it is, the international standard & poor's, a rating agency, to America's long-term sovereign credit rating of 'AAA' down to 'AA +', it is losing its AAA credit rating for the first time in American history.For the reason of downgrades, s&p gives conclusion is mainly due to the U.S. government debt ceiling agreement with congress lacks expected move to maintain stable medium-term debt, and s&p said the next 6 to 24 months continue to downgrade the probability for at least a third.As the s&p downgrade of U.S. debt rating direct market reaction, dow Jones and uniformly appeared a setback for the stock markets in the world, and are low in years.But in the long term, the us credit rating downgrade may occur as a result, the future of American Treasury bonds rising interest rates and higher financing costs.According to jpmorgan estimates that only the us credit downgrade will lead to the whole society to increase financing costs $100 billion a year.Therefore, dynamically, the adjustment of the U.S. debt ceiling is only temporary shielding of U.S. debt risk, or default of the tipping point to delay, and once the default become fact, the U.S. economy that doomed.

Because the U.S. national debt as a share of GDP will be bigger and bigger, is bound to long-term pressure against the dollar, the debt ceiling increase, the United States there is the impulse of the value of the dollar, therefore, the dollar weakening has become a trend in the future.

One of the driving power of dollar weakness is derived from the needs of American dilution debt pressure.The U.S. government on the one hand want to issue bonds by overseas investors, especially the subscribe of related national central bank and sought after, but on the other hand don't hope to form a large foreign debt pressure, even the result of the default.To this end, the U.S. government must put a dollar depreciation and inflation repeatedly try unbeaten.Data show that over the past five years, only the United States use currency to make its foreign debts 'evaporate' ($3.58 trillion).And according to the measurement, if U.S. inflation at an annual rate of 6%, as long as after four years, America's national debt balance the ratio of GDP will decline 20%.

Us Treasury monetized constitutes the value of the dollar and a huge driving force.The United States to maintain the 'debt economy' mode of deficit spending, a important premise is the constantly new bonds can have enough match the market demand.Public data shows, at present, the United States 14. Balance of $3 trillion in Treasury bonds, the holder is divided into two basic categories: one is publicly held debt, about $9.68 trillion, accounting for 68% of the total debt;Another kind of medical insurance fund, such as civil servant pension fund, a total of $4.63 trillion, accounting for 32% of the total debt.In public holders, American commercial Banks hold $301.8 billion in U.S. Treasury bonds, only accounts for 2.1% of the total, ranked 11th, is this kind of commercial agency of the Treasury market earnings prospects do not look go本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。