{"id":3602,"date":"2025-04-11T06:37:45","date_gmt":"2025-04-11T06:37:45","guid":{"rendered":"https:\/\/avefi.com\/?p=3602"},"modified":"2025-04-11T06:38:19","modified_gmt":"2025-04-11T06:38:19","slug":"les-us-vivent-a-credit","status":"publish","type":"post","link":"http:\/\/avefi.com\/?p=3602","title":{"rendered":"Les Us vivent \u00e0 cr\u00e9dit ?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3602\" class=\"elementor elementor-3602\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a44de95 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a44de95\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3b3387e\" data-id=\"3b3387e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4fc7aa2 elementor-widget elementor-widget-text-editor\" data-id=\"4fc7aa2\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h1 class=\"\" data-start=\"462\" data-end=\"581\">\ud83d\udcc9 <strong data-start=\"467\" data-end=\"581\">Dette am\u00e9ricaine, tensions g\u00e9opolitiques et basculement mon\u00e9taire mondial : vers une nouvelle \u00e8re \u00e9conomique ?<\/strong><\/h1><hr class=\"\" data-start=\"583\" data-end=\"586\" \/><h2 class=\"\" data-start=\"588\" data-end=\"674\">\ud83c\uddfa\ud83c\uddf8 <strong data-start=\"596\" data-end=\"674\">Dette am\u00e9ricaine : une trajectoire explosive et un signal d\u2019alarme mondial<\/strong><\/h2><p class=\"\" data-start=\"676\" data-end=\"863\">La dette publique des \u00c9tats-Unis d\u00e9passe aujourd\u2019hui les <strong data-start=\"733\" data-end=\"764\">34 000 milliards de dollars<\/strong>, soit plus de 120 % du PIB am\u00e9ricain. Cette tendance haussi\u00e8re est structurelle et aliment\u00e9e par :<\/p><ul data-start=\"865\" data-end=\"1135\"><li class=\"\" data-start=\"865\" data-end=\"903\"><p class=\"\" data-start=\"867\" data-end=\"903\">des d\u00e9ficits budg\u00e9taires chroniques,<\/p><\/li><li class=\"\" data-start=\"904\" data-end=\"977\"><p class=\"\" data-start=\"906\" data-end=\"977\">une politique fiscale expansionniste (notamment depuis la crise Covid),<\/p><\/li><li class=\"\" data-start=\"978\" data-end=\"1135\"><p class=\"\" data-start=\"980\" data-end=\"1135\">et des taux d\u2019int\u00e9r\u00eat qui, bien que historiquement faibles depuis 20 ans, ont r\u00e9cemment \u00e9t\u00e9 relev\u00e9s par la R\u00e9serve F\u00e9d\u00e9rale pour lutter contre l\u2019inflation.<\/p><\/li><\/ul><p class=\"\" data-start=\"1137\" data-end=\"1282\">Cette accumulation de dette soul\u00e8ve une inqui\u00e9tude croissante chez les cr\u00e9anciers traditionnels de Washington : <strong data-start=\"1249\" data-end=\"1273\">la Chine et le Japon<\/strong> en t\u00eate.<\/p><hr class=\"\" data-start=\"1284\" data-end=\"1287\" \/><h2 class=\"\" data-start=\"1289\" data-end=\"1360\">\ud83c\udf0f <strong data-start=\"1295\" data-end=\"1360\">D\u00e9laisser les actifs am\u00e9ricains : le virage discret de l\u2019Asie<\/strong><\/h2><p class=\"\" data-start=\"1362\" data-end=\"1762\">La <strong data-start=\"1365\" data-end=\"1374\">Chine<\/strong>, deuxi\u00e8me cr\u00e9ancier des \u00c9tats-Unis, a <strong data-start=\"1413\" data-end=\"1476\">r\u00e9duit r\u00e9guli\u00e8rement ses avoirs en bons du Tr\u00e9sor am\u00e9ricain<\/strong>, passant de plus de 1 300 milliards de dollars en 2013 \u00e0 moins de 800 milliards en 2024. Le <strong data-start=\"1569\" data-end=\"1578\">Japon<\/strong>, bien que toujours premier d\u00e9tenteur, amorce \u00e9galement un repli prudent, dans un contexte o\u00f9 la Banque du Japon doit d\u00e9sormais faire face \u00e0 ses propres d\u00e9fis inflationnistes internes.<\/p><h3 class=\"\" data-start=\"1764\" data-end=\"1795\">Pourquoi ce d\u00e9sengagement ?<\/h3><ul data-start=\"1796\" data-end=\"1961\"><li class=\"\" data-start=\"1796\" data-end=\"1860\"><p class=\"\" data-start=\"1798\" data-end=\"1860\"><strong data-start=\"1798\" data-end=\"1860\">M\u00e9fiance vis-\u00e0-vis de la trajectoire budg\u00e9taire am\u00e9ricaine<\/strong><\/p><\/li><li class=\"\" data-start=\"1861\" data-end=\"1914\"><p class=\"\" data-start=\"1863\" data-end=\"1914\"><strong data-start=\"1863\" data-end=\"1887\">Volatilit\u00e9 du dollar<\/strong> dans un monde multipolaire<\/p><\/li><li class=\"\" data-start=\"1915\" data-end=\"1961\"><p class=\"\" data-start=\"1917\" data-end=\"1961\"><strong data-start=\"1917\" data-end=\"1961\">Volont\u00e9 de d\u00e9-dollariser leurs \u00e9conomies<\/strong><\/p><\/li><\/ul><p class=\"\" data-start=\"1963\" data-end=\"2170\">Ce d\u00e9laissement progressif, bien que non brutal, alimente une pression baissi\u00e8re sur les obligations am\u00e9ricaines \u00e0 long terme, ce qui, \u00e0 terme, pourrait remettre en cause le <strong data-start=\"2137\" data-end=\"2154\">statut refuge<\/strong> de la dette US.<\/p><hr class=\"\" data-start=\"2172\" data-end=\"2175\" \/><h2 class=\"\" data-start=\"2177\" data-end=\"2263\">\u2694\ufe0f <strong data-start=\"2183\" data-end=\"2263\">Guerre commerciale : entre tensions douani\u00e8res et affrontement technologique<\/strong><\/h2><p class=\"\" data-start=\"2265\" data-end=\"2562\">La guerre commerciale entre les \u00c9tats-Unis et la Chine, initi\u00e9e en 2018, a pris une nouvelle ampleur. Les hausses de droits de douane et les sanctions technologiques (restrictions sur les semi-conducteurs, sur l\u2019intelligence artificielle, etc.) ont aliment\u00e9 une forme de <strong data-start=\"2536\" data-end=\"2561\">d\u00e9couplage \u00e9conomique<\/strong>.<\/p><p class=\"\" data-start=\"2564\" data-end=\"2732\">Ce <strong data-start=\"2567\" data-end=\"2604\">fragmentation du commerce mondial<\/strong> pousse les puissances \u00e9mergentes \u00e0 rechercher davantage d\u2019autonomie, en particulier sur le plan <strong data-start=\"2701\" data-end=\"2731\">mon\u00e9taire et technologique<\/strong>.<\/p><hr class=\"\" data-start=\"2734\" data-end=\"2737\" \/><h2 class=\"\" data-start=\"2739\" data-end=\"2825\">\ud83d\udcb4 <strong data-start=\"2745\" data-end=\"2825\">Yuan num\u00e9rique, BRICS et monnaies alternatives : vers un monde post-dollar ?<\/strong><\/h2><p class=\"\" data-start=\"2827\" data-end=\"3072\">La Chine acc\u00e9l\u00e8re le d\u00e9veloppement de sa <strong data-start=\"2868\" data-end=\"2915\">monnaie num\u00e9rique de banque centrale (MNBC)<\/strong> : le <strong data-start=\"2921\" data-end=\"2930\">e-CNY<\/strong>, d\u00e9j\u00e0 test\u00e9 dans plusieurs grandes villes et pr\u00e9vu pour s\u2019int\u00e9grer dans les <strong data-start=\"3007\" data-end=\"3041\">transactions transfrontali\u00e8res<\/strong>. Cette initiative a pour but :<\/p><ul data-start=\"3074\" data-end=\"3330\"><li class=\"\" data-start=\"3074\" data-end=\"3148\"><p class=\"\" data-start=\"3076\" data-end=\"3148\">d\u2019<strong data-start=\"3078\" data-end=\"3114\">offrir une alternative au dollar<\/strong> pour les \u00e9changes internationaux,<\/p><\/li><li class=\"\" data-start=\"3149\" data-end=\"3231\"><p class=\"\" data-start=\"3151\" data-end=\"3231\">de <strong data-start=\"3154\" data-end=\"3217\">bypasser les syst\u00e8mes financiers domin\u00e9s par les \u00c9tats-Unis<\/strong>, comme SWIFT,<\/p><\/li><li class=\"\" data-start=\"3232\" data-end=\"3330\"><p class=\"\" data-start=\"3234\" data-end=\"3330\">et d\u2019<strong data-start=\"3239\" data-end=\"3274\">accro\u00eetre l\u2019influence r\u00e9gionale<\/strong> dans les pays de l\u2019ASEAN, d\u2019Afrique ou du Moyen-Orient.<\/p><\/li><\/ul><p class=\"\" data-start=\"3332\" data-end=\"3568\">Les <strong data-start=\"3336\" data-end=\"3345\">BRICS<\/strong> (Br\u00e9sil, Russie, Inde, Chine, Afrique du Sud), r\u00e9cemment \u00e9largis, \u00e9voquent aussi la cr\u00e9ation d\u2019une <strong data-start=\"3445\" data-end=\"3464\">monnaie commune<\/strong> pour les \u00e9changes intra-bloc, renfor\u00e7ant ainsi la remise en cause du <strong data-start=\"3534\" data-end=\"3567\">monopole mon\u00e9taire occidental<\/strong>.<\/p><hr class=\"\" data-start=\"3570\" data-end=\"3573\" \/><h2 class=\"\" data-start=\"3575\" data-end=\"3663\">\ud83c\udf10 <strong data-start=\"3581\" data-end=\"3663\">Un monde multipolaire en construction : implications pour l\u2019\u00e9pargnant europ\u00e9en<\/strong><\/h2><p class=\"\" data-start=\"3665\" data-end=\"3739\">Face \u00e0 cette \u00e9volution g\u00e9opolitique majeure, trois dynamiques s\u2019imposent :<\/p><ol data-start=\"3741\" data-end=\"3965\"><li class=\"\" data-start=\"3741\" data-end=\"3820\"><p class=\"\" data-start=\"3744\" data-end=\"3820\"><strong data-start=\"3744\" data-end=\"3774\">Mont\u00e9e des p\u00f4les r\u00e9gionaux<\/strong> (Asie-Pacifique, Eurafrique, Am\u00e9rique latine)<\/p><\/li><li class=\"\" data-start=\"3821\" data-end=\"3903\"><p class=\"\" data-start=\"3824\" data-end=\"3903\"><strong data-start=\"3824\" data-end=\"3871\">D\u00e9sam\u00e9ricanisation progressive des r\u00e9serves<\/strong> de change des banques centrales<\/p><\/li><li class=\"\" data-start=\"3904\" data-end=\"3965\"><p class=\"\" data-start=\"3907\" data-end=\"3965\"><strong data-start=\"3907\" data-end=\"3965\">Red\u00e9finition des flux d\u2019investissements internationaux<\/strong><\/p><\/li><\/ol><hr class=\"\" data-start=\"3967\" data-end=\"3970\" \/><h2 class=\"\" data-start=\"3972\" data-end=\"4021\">\ud83d\udca1 <strong data-start=\"3978\" data-end=\"4021\">Quelle strat\u00e9gie patrimoniale adopter ?<\/strong><\/h2><p class=\"\" data-start=\"4023\" data-end=\"4205\">\ud83d\udd0e Pour l\u2019investisseur europ\u00e9en, ces changements appellent \u00e0 <strong data-start=\"4084\" data-end=\"4114\">une diversification accrue<\/strong>, tant en termes de <strong data-start=\"4134\" data-end=\"4145\">devises<\/strong>, que de <strong data-start=\"4154\" data-end=\"4177\">zones g\u00e9ographiques<\/strong> et de <strong data-start=\"4184\" data-end=\"4204\">classes d\u2019actifs<\/strong>.<\/p><p class=\"\" data-start=\"4207\" data-end=\"4232\"><strong data-start=\"4207\" data-end=\"4230\">Pistes \u00e0 consid\u00e9rer<\/strong> :<\/p><ul data-start=\"4233\" data-end=\"4670\"><li class=\"\" data-start=\"4233\" data-end=\"4333\"><p class=\"\" data-start=\"4235\" data-end=\"4333\">R\u00e9\u00e9quilibrer les portefeuilles obligataires pour limiter l\u2019exposition \u00e0 la dette am\u00e9ricaine longue<\/p><\/li><li class=\"\" data-start=\"4334\" data-end=\"4414\"><p class=\"\" data-start=\"4336\" data-end=\"4414\">Int\u00e9grer des <strong data-start=\"4349\" data-end=\"4387\">obligations souveraines \u00e9mergentes<\/strong> ou <strong data-start=\"4391\" data-end=\"4406\">eurozonales<\/strong> solides<\/p><\/li><li class=\"\" data-start=\"4415\" data-end=\"4528\"><p class=\"\" data-start=\"4417\" data-end=\"4528\">Se positionner prudemment sur des <strong data-start=\"4451\" data-end=\"4477\">fonds expos\u00e9s \u00e0 l\u2019Asie<\/strong>, avec une vigilance sur les risques r\u00e9glementaires<\/p><\/li><li class=\"\" data-start=\"4529\" data-end=\"4670\"><p class=\"\" data-start=\"4531\" data-end=\"4670\">Suivre l\u2019\u00e9volution des <strong data-start=\"4554\" data-end=\"4596\">monnaies num\u00e9riques de banque centrale<\/strong>, notamment dans leur impact sur la liquidit\u00e9 et la stabilit\u00e9 des march\u00e9s.<\/p><\/li><\/ul><hr class=\"\" data-start=\"4672\" data-end=\"4675\" \/><h2 class=\"\" data-start=\"4677\" data-end=\"4731\">\ud83e\udded Conclusion : rester agile dans un monde instable<\/h2><p class=\"\" data-start=\"4733\" data-end=\"5041\">Nous vivons une <strong data-start=\"4749\" data-end=\"4811\">recomposition du paysage mon\u00e9taire et g\u00e9opolitique mondial<\/strong>. Si les \u00c9tats-Unis conservent leur statut dominant, les signaux faibles d\u2019un <strong data-start=\"4889\" data-end=\"4904\">basculement<\/strong> sont bien pr\u00e9sents. La <strong data-start=\"4928\" data-end=\"4969\">pr\u00e9paration et l\u2019agilit\u00e9 patrimoniale<\/strong> seront les cl\u00e9s pour naviguer dans cette nouvelle donne internationale.<\/p><hr class=\"\" data-start=\"5043\" data-end=\"5046\" \/><p class=\"\" data-start=\"5048\" data-end=\"5172\">\ud83d\udcde Pour faire un point personnalis\u00e9 sur votre allocation d\u2019actifs ou int\u00e9grer ces tendances \u00e0 votre strat\u00e9gie patrimoniale :<\/p><p class=\"\" data-start=\"5174\" data-end=\"5273\">\u27a1\ufe0f Contactez votre conseiller AVEFI ou \u00e9crivez-nous \u00e0 <a rel=\"noopener\" data-start=\"5228\" data-end=\"5273\">gestion@avefi.com<\/a><\/p><hr class=\"\" data-start=\"5275\" data-end=\"5278\" \/><hr class=\"\" data-start=\"5280\" data-end=\"5283\" \/><p class=\"\" data-start=\"5285\" data-end=\"5355\">\ud83d\udce9 <strong data-start=\"5288\" data-end=\"5304\">News d\u2019Avefi<\/strong> \u2013 Publication mensuelle d\u2019information patrimoniale<\/p><p class=\"\" data-start=\"5357\" data-end=\"5559\"><strong data-start=\"5357\" data-end=\"5413\">AVEFI \u2013 Conseil en gestion de patrimoine ind\u00e9pendant<\/strong><br data-start=\"5413\" data-end=\"5416\" \/>18 bis rue Am\u00e9lie \u2013 75007 Paris<br data-start=\"5447\" data-end=\"5450\" \/>\ud83d\udccd M\u00e9tro : La Tour-Maubourg \u2013 RER C : Invalides<br data-start=\"5497\" data-end=\"5500\" \/>\ud83d\udcde 01 77 13 78 35<br data-start=\"5517\" data-end=\"5520\" \/>\ud83d\udce7 <a rel=\"noopener\" data-start=\"5523\" data-end=\"5540\">contact@avefi.com<\/a><br data-start=\"5540\" data-end=\"5543\" \/>\ud83c\udf10 <a class=\"\" href=\"http:\/\/www.avefi.com\" target=\"_new\" rel=\"noopener\" data-start=\"5546\" data-end=\"5559\">www.avefi.com<\/a><\/p><p class=\"\" data-start=\"5561\" data-end=\"5740\">\ud83d\udcac <em data-start=\"5564\" data-end=\"5740\">Cette publication est informative et publicitaire. Elle ne constitue pas une recommandation personnalis\u00e9e. Veuillez nous contacter pour tout conseil adapt\u00e9 \u00e0 votre situation.<\/em><\/p><p class=\"\" data-start=\"5742\" data-end=\"5953\">\u26a0\ufe0f <strong data-start=\"5745\" data-end=\"5762\">Avertissement<\/strong> : <em data-start=\"5765\" data-end=\"5953\">Investir comporte des risques. Les performances pass\u00e9es ne pr\u00e9jugent pas des performances futures. Il est essentiel de bien comprendre les caract\u00e9ristiques des produits avant d\u2019investir.<\/em><\/p><p class=\"\" data-start=\"5955\" data-end=\"5999\">\ud83d\udc49 <a rel=\"noopener\" data-start=\"5958\" data-end=\"5999\">Se d\u00e9sabonner<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3602","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3602"}],"version-history":[{"count":3,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3602\/revisions"}],"predecessor-version":[{"id":3605,"href":"http:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3602\/revisions\/3605"}],"wp:attachment":[{"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3602"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}