Jon Krause

Confession d'un dérégulateur financier

BERKELEY – A la fin des années 1990, au moins en Amérique, deux écoles de pensée poussaient à davantage de dérégulation financière : l'abrogation de la séparation juridique entre banques commerciales et banques d'investissement, la diminution de l'exigence en capitaux et l'encouragement à créer et à utiliser les produits dérivés. Si la dérégulation est si mal considérée aujourd'hui, pourquoi n'était-ce pas le cas à cette époque ?

La première école de pensée, en gros les républicains, estimait que la régulation financière est nuisible parce que selon elle toute régulation est nuisible. La seconde, en gros les démocrates, avait une argumentation plus complexe qui reposait sur quatre arguments :

- Depuis plus de 60 ans, des crises graves affectent l'économie mondiale, avec des conséquences qui se font sentir sur l'ensemble de la production et à tous les niveaux d'emploi. Alors que les banques modernes avaient des difficultés à faire face aux chocs inflationnistes, depuis des générations, elles avaient su réagir aux chocs déflationnistes.

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