Anatomie d'une crise financière

NEW YORK – L'économie américaine est prisonnière d'un cercle vicieux qui pourrait s'étendre à toute la planète. La crise financière qui touche les USA a déclenché un fort resserrement du crédit qui aggrave la récession dans ce pays, entraînant des pertes importantes sur les marchés financiers, ce qui frappe toute l'économie. L'éclatement de l'énorme bulle du crédit et des actifs pourrait maintenant provoquer un effondrement systémique des marchés financiers américains. 

Le problème n'est plus simplement celui de prêts immobiliers à haut risque, mais celui d'un système financier à haut risque. La récession de l'immobilier - la pire de l'histoire des USA et elle s'aggrave chaque jour – va entraîner une chute des prix de plus de 20% dans ce secteur, et des millions d'Américains vont perdre leur habitation. Les défauts de payement et les saisies s'étendent maintenant des prêts à haut risque à tous les autres. Aussi, la perte totale touchant les instruments liés aux prêts immobiliers – dont les crédits dérivés tels que les dettes obligataires (CDO) – va dépasser 400 milliards de dollars.

D'autre part, l'immobilier commercial tend maintenant à suivre l'immobilier résidentiel dans sa chute. Qui veut construire des bureaux, des magasins ou des centres commerciaux dans les villes fantômes qui parsèment l'Ouest américain ?

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/p0sO770/fr;
  1. China corruption Isaac Lawrence/Getty Images

    The Next Battle in China’s War on Corruption

    • Chinese President Xi Jinping knows well the threat that corruption poses to the authority of the Communist Party of China and the state it controls. 
    • But moving beyond Xi's anti-corruption purge to build robust and lasting anti-graft institutions will not be easy, owing to enduring opportunities for bureaucratic capture.
  2. Italy unemployed demonstration SalvatoreEsposito/Barcroftimages / Barcroft Media via Getty Images

    Putting Europe’s Long-Term Unemployed Back to Work

    Across the European Union, millions of people who are willing and able to work have been unemployed for a year or longer, at great cost to social cohesion and political stability. If the EU is serious about stopping the rise of populism, it will need to do more to ensure that labor markets are working for everyone.

  3. Latin America market Federico Parra/Getty Images

    A Belt and Road for the Americas?

    In a time of global uncertainty, a vision of “made in the Americas” prosperity provides a unifying agenda for the continent. If implemented, the US could reassert its historical leadership among a group of countries that share its fundamental values, as well as an interest in inclusive economic growth and rising living standards.

  4. Startup office Mladlen Antonov/Getty Images

    How Best to Promote Research and Development

    Clearly, there is something appealing about a start-up-based innovation strategy: it feels democratic, accessible, and so California. But it is definitely not the only way to boost research and development, or even the main way, and it is certainly not the way most major innovations in the US came about during the twentieth century.

  5. Trump Trade speech Bill Pugliano/Getty Images .

    Preparing for the Trump Trade Wars

    In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.