Boum, krach et reprise : les vicissitudes de l’économie mondiale

NEW YORK – La crise économique actuelle restera à jamais liée à la folie d’Alan Greenspan. En effet, on la doit essentiellement au Bureau des gouverneurs de la Réserve fédérale américaine durant la période de l’argent facile et de la déréglementation financière, du milieu des années 90 à aujourd’hui.

Soutenue par des organismes de surveillance qui n’ont pas joué leur rôle, cette politique de l’argent facile a fait gonfler comme jamais les bulles immobilières et de crédit à la consommation aux Etats-Unis et dans d’autres pays, notamment ceux qui partagent les orientations politiques américaines. La bulle a éclaté et les économies concernées se dirigent droit vers une profonde récession.

Au cœur de la crise : la hausse de l’immobilier et du cours des actions, à mille lieues des points de référence historiques. Alan Greenspan a alimenté deux bulles : celle d’Internet entre 1998 et 2001 ; et par la suite, celle de l’immobilier, qui éclate aujourd’hui. Dans les deux cas, avec la hausse de la valeur des actifs, les ménages américains ont pensé qu’ils s’étaient considérablement enrichis, ce qui les a incités à accroître emprunts et dépenses – pour l’immobilier, l’automobile et d’autres biens durables de consommation.

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