L’Amérique doit apprendre ses propres leçons

Cambridge - Alors que la crise financière épique des États-Unis continue de sévir, on ne peut que souhaiter que les décideurs américains soient à moitié aussi talentueux pour écouter les conseils des pays en voie de développement qu’ils le sont à en donner eux-mêmes. Les Américains ne semblent pas se rendre compte que leur désastre des subprimes partage trop de caractéristiques avec de nombreuses crises bancaires qui ont sévi dans le monde depuis 1945.

Le bon côté est que de nombreux décideurs hautement distingués, actuels et passé, particulièrement de pays aux marchés émergents, connaissent déjà la chanson. Si les décideurs américains se donnaient la peine d’écouter, ils y gagneraient une ou deux idées sur la manière de gérer les crises financières de la part d’experts qui en ont traversé et ont accosté sains et saufs sur l’autre rive.

Malheureusement, le parallèle entre la crise actuelle aux États-Unis et les crises financières précédentes n’est pas qu’une hyperbole. Les parallèles qualitatifs sont évidents : banques utilisant des prêts hors-bilan pour financer des projets à haut risque, nouveaux instruments financiers exotiques et une exubérance excessive causées par des promesses de nouveaux marchés.

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