Paul Lachine

Non à la politique du yuan faible !

WASHINGTON – Au cours des dernières semaines, la dépréciation du dollar face à l'euro et au yen a suscité l'attention à travers la planète. Si la situation était normale, l'affaiblissement du dollar serait bienvenu, car il aiderait les USA à combattre un déficit commercial intenable. Mais la Chine liant sa devise au dollar à un taux sous-évalué, la dépréciation de la devise américaine peut provoquer des dommages graves à l'économie mondiale et constituer un obstacle supplémentaire pour mettre fin à la récession mondiale.

Un réalignement du dollar était nécessaire depuis longtemps. Sa surévaluation a débuté en 1994 avec la crise du peso mexicain et la politique du "dollar fort" a été officiellement adoptée en 1997 après la crise financière en l'Asie de l'Est. Cette politique a favorisé à court terme la consommation aux USA, c'est pourquoi elle était appréciée des hommes politiques américains. Mais elle a infligé des dommages importants à long terme à l'économie américaine et elle a contribué à la crise actuelle.

La surévaluation du dollar a entraîné l'Amérique à dépenser beaucoup trop dans les importations, à délocaliser à l'excès, perdant ainsi des emplois, et à trop investir dans des pays dont la devise est sous-évaluée. Avec la mondialisation, marquée par des réseaux de production flexibles et mobiles, les taux de change n'affectent pas seulement les exportations et les importations, ils ont également un impact sur la localisation des lieux de production et d'investissement.

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