Oublions l’inflation

MUNICH – Comme le disais Winston Churchill, autant de gouvernements et de banques centrales ne devraient jamais débloquer autant de milliards de dollars. Le gouvernement américain injecte 789 milliards de dollars dans son économie, l’Europe, 255 et la Chine, 587. En 2008, la Réserve fédérale américaine a élargi sa base monétaire de 97�% et la Banque centrale européenne de 37�%. Le taux du fonds fédéral américain est presque à zéro, et le principal taux de refinancement de la Banque centrale européenne, déjà au plus bas à 2�%, baissera probablement davantage dans les prochains mois.

La Fed a donné aux banques ordinaires un accès direct à ses crédits�; de son côté,  la BCE ne rationne plus l’offre de la base monétaire, au lieu de fournir autant de liquidité que le demandent les banques. Depuis octobre dernier, les plans de sauvetage bancaire des pays occidentaux ont atteint environ 4,3 billions de dollars.

Nombreux sont ceux qui craignent désormais que ces énormes injections de fonds rendent l’inflation inévitable. Touchés par l’hyper-inflation en 1923, les Allemands craignent généralement de perdre à nouveau leur épargne et de devoir repartir de zéro. Dans une moindre mesure, d’autres pays partagent cette inquiétude.

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